Tag Archives: IRS

Why it may take longer than 21 days for some taxpayers to receive their federal refund

The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit. However, some returns have errors or need more review and may take longer to process. The IRS works hard to get … Continue reading

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IRS announces 401(k) limit increases to $20,500

The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of thecost of … Continue reading

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Small business owners should see if they qualify for the home office deduction

Many Americans have been working from home due to the pandemic, and certain people will qualify to claim the home office deduction. Here are some things to help taxpayers understand the home office deduction and whether they can claim it: … Continue reading

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Retirement and Taxes: The Basics of IRAs

Individual Retirement Arrangements (IRAs) provide tax incentives for people to make investments that can provide financial security for their retirement. These can be set up with a bank, life insurance company, mutual fund, or stockbroker. What you should know: Contribution: … Continue reading

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What You Should and Shouldn’t Do With Mail from the IRS

Take timely action. If you owe and you act quickly, you minimize additional interest and penalty charges. Review the information. If the notice is about a changed or corrected tax return, you should compare the information with the original tax … Continue reading

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IRS continues adjustments to unemployment compensation, prepares another 1.5 million refunds

Last week, the Internal Revenue Service said that another 1.5 million taxpayers will be receiving refunds averaging more than $1,600. The IRS is adjusting unemployment compensation from previously filed income tax returns as a result of the American Rescue Plan … Continue reading

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IRS Refuses Money from Disgraced Attorney

A Texas attorney, who is facing up to 20 years in a federal prison, tried to pay the IRS $82,400 towards his back taxes.¬† However, the IRS refused the money because the IRS believes the attorney stole the money from … Continue reading

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Deductible Muscles

Wheir was a body builder who attempted to deduct some body building expenses because he believed he was in the business of body building. Some of his expenses included bison meat, which he ate at the rate of 3 pounds … Continue reading

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Drugs and the Tax Man

Regardless of whether their activities are legal under state law, drug dealers have to deal with special tax laws designed to discourage their activities. IRC 280E states that any deductions from an illegal drug business¬† are not allowed. The definition … Continue reading

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Lawyer Jailed for 18 Months for Defrauding NFL Players

A former Chicago attorney has been sentenced to 18 months for orchestrating a tax fraud scheme that defrauded millions of taxes from the IRS and financially harmed NFL players. If you have been charged with a crime and need legal … Continue reading

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