OPK Tax and Accounting Services, LLC

01/01/2023

12/23/2022

The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations (TPSO) set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transaction...

11/24/2022

Happy Thanksgiving 🦃🍁🍽

11/18/2022

Employers should be wary of third parties advising them to claim the employee retention credit when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit.

Businesses should be cautious of schemes and direct solicitations promising tax savings that are too good to be true. Taxpayers are always responsible for the information reported on their tax returns. Improperly claiming the ERC could result in taxpayers being required to repay the credit along with penalties and interest.

For more info go to https://www.irs.gov/newsroom/employers-beware-of-third-parties-promoting-improper-employee-retention-credit-claim

10/20/2022

This one-time debt relief is provided by the U.S. Department of Education as part of the student debt relief plan. How Much Debt Relief You Can Get? Up to $20,000 in debt relief if you received a Federal Pell Grant in college and meet the income requirements Up to $10,000 in debt relief if you didn....

08/03/2022

Back to school time is almost here. Are your educator expenses tax deductible?

Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this d...

06/01/2022

Learn more about the Connecticut 2022 child tax rebate to determine if your family qualifies.

The child tax rebate is a one time rebate and is intended to help Connecticut families with children. You may be eligible for a child tax rebate of up to a maximum of $750 ($250 per child up to three children). The application is available on the CT DRS website beginning June 1, 2022 through July 31...

04/29/2022

It's a good idea to check your federal tax income tax withholding throughout the year by using the Tax Withholding Estimator on IRS.gov. This online tool helps to avoid having too much or too little tax withheld from your wages. It also helps self-employed people, who have wage income, estimate tax....

04/17/2022

Wishing everyone a safe and happy Easter!

04/11/2022

In 2021, the IRS issued more than 175 million third-round Economic Impact Payments, totaling over $400 billion. Most eligible people already received the full amount of their credit in advance and don't need to include any information about this payment when they file their 2021 tax return. As requi...

03/29/2022

Read below for the different options to pay your federal taxes

The April 18 deadline for individuals to file and pay their federal income tax is just around the corner. While paying taxes is not optional, the IRS offers a variety of ways for people to pay their taxes. Some taxpayers must make quarterly estimated tax payments throughout the year. This includes s...