Solar Tax Panel Credits by Paul Davis How Much Tax Money Can You Earn from Your Solar Panels? You may have seen the Tik-Tok videos describing how you can earn money on your taxes if you install solar panels. And now that it is tax season, you want to earn all that money from the… Read More

Business E-File Regulations Finalized The IRS and Treasury have issued final regulations amending the rules for filing returns and other documents electronically. Filers of partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, some information returns and other statements, notifications, and reports will be required to e-file beginning in 2024.… Read More

W-2 Filing Deadline Approaches The IRS reminds employers and other businesses to file Form W-2 and other wage statements for Tax Year 2022 by January 31, 2023. The deadline also applies to Forms 1099-NEC, Nonemployee Compensation, and Form W-3, Transmittal of Wage and Tax Statements. Extensions are only granted for very specific reasons and penalties… Read More

2020 Unemployment Exclusion FAQ Update The IRS has updated the frequently asked questions (FAQs) for the 2020 unemployment compensation exclusion. The updates can be found in Fact Sheet 2022-39, and include questions regarding Form 1040-X; Impact to Income, Credits, and Deductions; Receiving a Refund, Letter, or Notice; and Finding the Unemployment Compensation Amount.  New for… Read More

In the craziness that is 2020, Pandemic Unemployment Assistance has helped many people survive when their places of employment had to shut down. Employees often do not think about the fact that unemployment payments are taxable income. The South Carolina Department of Revenue recently wrote a reminder to help tax payers plan ahead for taxes.… Read More

Interest Rates Remain The Same The IRS has made the decision to keep the same interest rate for the fourth quarter of 2020. Each quarter, the IRS sets the interest rates charged or paid on over- and underpayment. For taxpayers (other than corporations), the overpayment and underpayment rate is the federal short-term rate plus 3… Read More

The year is wrapping up and tax time is on the horizon. Taxpayers have hopefully been proactive throughout the year in preparing for filing the year’s taxes, and perhaps they are considering ways they might lighten their tax burden. It’s also the holiday season and giving is on our minds. Making donations to tax-exempt charities… Read More

Tax Planning – Paycheck Checkup With the change of seasons and start of the traditional school year, it’s a good time to review your tax planning, and a Paycheck Checkup is an important part of that. What is a Paycheck Checkup? A Paycheck Checkup is a review of your tax withholding. Making sure the proper… Read More

In this video from the IRS’s YouTube channel, you will learn what to do if you do not have a W-2 yet. The video includes: When does your employer need to get you a W-2? What do you do if your W-2 is delayed past April 15th? And more information.… Read More

Employees and employers both have legal responsibilities when it comes to employment. United States law requires two forms to be filled out at the time of hiring, and either kept on file or sent to the relevant agency. Employment Eligibility and Identity Verification The first one is from the US Citizenship and Immigration Services (USCIS)… Read More