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Questions you may still have after filing your tax return
May 9, 2023
Categories: #hh, Business, General, IRS, returns, Social Security, Tax
If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. When will your refund arrive? The IRS has an online tool that can tell you the status of your refund. Go to irs.gov and click on “Get Your Refund Status.” You’ll need your Social Security number,
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Five tax implications of divorce
June 21, 2022
Categories: #hh, Business, Estate, Income, returns, Tax
Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are five issues to consider if you’re in the process of getting a divorce. Alimony or support payments. For alimony under divorce or separation agreements that are executed after 2018, there’s no deduction for alimony
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Partners may have to report more income on tax returns than they receive in cash
May 23, 2022
Categories: #hh, Partnership, returns, Tax
Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why does this happen? It’s due to the way partnerships and partners are taxed. Unlike C corporations, partnerships aren’t subject to income tax. Instead, each partner is taxed on the partnership’s earnings — whether or not they’re distributed.
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Businesses may receive notices about information returns that don’t match IRS records
May 2, 2022
Categories: #hh, Business, returns
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect name or have a combination of both. Each notice has a list of persons who received payments from the business with identified TIN