IRS Penalties & Interest

IRS Penalties & Interest

How does the IRS go about applying penalties and interest to taxpayers? In this article we’ll be discussing the 4 types of penalty charges, and how the IRS goes about applying them.   For clarity: Original Due Date = Generally April 15th for Individual Taxpayers...
The Child Tax Credit – Updated Guidance

The Child Tax Credit – Updated Guidance

The IRS updated its factsheet regarding the Child Tax Credit again on March 8, 2022. As part of the American Rescue Plan Act, the Child Tax Credit (“CTC”) was expanded for the 2021 tax year by offering families advance monthly payments of $250 to $300 per child. Also,...
NEW Illinois PTE Tax Election

NEW Illinois PTE Tax Election

Earlier this year, Illinois enacted a pass-through entity tax (PTE) that allows S Corporation and partnerships to elect to be taxed at entity level for income tax that otherwise would have been payable and deductible by its partners / shareholders. With this election,...
Call Now