CPA Blog (Nerd Talk)

Delayed 2021 Tax Refunds

At the beginning of each year, millions of Americans spur into action to file their taxes – many fueled by fear of owing the IRS money or, more likely, motivated by receiving a tax refund.  As hard as it is to believe, at least 10% of Americans are still waiting for their 2021 tax refunds …

IRS Increases Mileage Rate For Remainder of 2022

Rising Fuel Costs The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the …

Audit Rates Down for All Individual Income Levels

Due to the rising concerns about declining taxpayer compliance and the IRS equitably selecting taxpayers to audit, The Government Accountability Office (GAO) studied the past 10 fiscal years to discover trends that lead to an income audit rate decrease. The Government Accountability Office (GAO) issued its findings in a report on the audit rates of …

Stop Overpaying—Minimize Your Tax Bill

Am I Overpaying My Taxes? Are you one of the millions of business owners who overpay their taxes? If so, you’re not alone. According to Forbes magazine, 93% of business owners overpay in taxes every year. With the help of a dedicated CPA, we can help you minimize your tax bill! How To Avoid Overpaying …

Facing a Tax Lien?

What is a Federal Tax Lien? When business owners and individuals don’t pay the income tax they owe, the federal government has methods of recovering the debt. A federal tax lien is one of those tools. A federal tax lien (also called an IRS tax lien) is a legal claim that lets the lienholder take …

Do You Qualify for the American Opportunity Tax Credit?

As you likely are aware, the United States Federal Government gives out many tax credits that are designed to incentivize certain types of behavior. One example is helping people attend college or another four-year institution. For individuals like this, the American Opportunity Tax Credit may be an ideal way to save money on your taxes …

E-Filed Tax Refund Return Timeframe

As many taxpayers have noticed, refunds have been slower than usual for the past few years. This is due to a variety of issues, including the ongoing COVID-19 pandemic and staffing shortages. Fortunately, the IRS has issued a tax refund return timeframe about when taxpayers can expect to get their refund this year. However, there …

Avoid A Refund Delay By Avoiding These Tax Mistakes

Are you expecting a tax return this year? If so, it’s time to start considering common errors, plus one glitch concerning the child tax credit affecting some fax filers. The IRS is warning tax filers that the current backlog is already causing delays, so when filing, it’s essential that your returns are accurate to prevent …

IRS Child Tax Credit Letter May Be Inaccurate

For millions of families, one bright spot in this year’s tax season is that they can expect to get the rest of their child tax credit payments for 2021. Last year, most families received half of this, via monthly payments, with the remaining half slated for when families receive their 2021 refunds. To help things …

What Is the Michigan SALT Deduction Cap Workaround?

The Michigan Legislature joined several other states last year in helping eligible taxpayers offset the SALT Deduction Cap with the passage of H.B. 5376. Governor Gretchen Whitmer signed the bill into law in December. So, what does this mean for Michigan businesses? If you have a flow-through entity and you paid more than $10,000 in …