JZ Tax & Accounting

04/07/2023

https://www.journalofaccountancy.com/news/2023/apr/irs-unveils-80-billion-spending-plan.html?utm_source=mnl:cpal&utm_medium=email&utm_campaign=07Apr2023

The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by last year’s Inflation Reduction Act. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.

09/07/2022

How Long Should You Keep Tax Returns?

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You might be surprised how long you should hang onto your federal and state tax returns, as well as supporting documents—especially if you've ever missed filing.

08/31/2022

The Advantages of Refundable Tax Credits

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A refundable tax credit is treated like a tax payment. Learn about refundable tax credits and the differences between them and nonrefundable credits.

08/24/2022

Child Tax Credit in 2022: Is Your State Sending $750 to Parents? Find Out Now

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Find out if your state is planning to send out child tax credit money or offer deductions.

08/18/2022

What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS

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Tax Tip 2022-109, July 19, 2022 — When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or mor...

05/13/2022

The IRS destroyed an estimated 30 million so-called paper-filed information returns in March 2021, sparking anger from the tax community.

09/29/2021

How Monthly Child Tax Credit Payments Are Impacting Americans’ Finances

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The new monthly child tax credit payments have made a significant impact on millions of families. According to the Census Bureau Household Pulse Survey, compared to the prior period before the disbursement of the first child tax credit payments, the number of families with kids earning $50,000 or le

09/22/2021

Delayed tax refunds prevent closure for grieving families during the pandemic

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Millions of Americans have delayed tax refunds, and the issue may be worse for families with deceased loved ones. Here's how one family tackled the challenge.

09/15/2021

Taxpayers can protect themselves from scammers by knowing how the IRS communicates

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Tax Tip 2021-124, August 24, 2021

09/09/2021

What Cash Businesses Can Do To Avoid an IRS Tax Audit

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If you have a cash business, here are some tips on how you can avoid an audit and how this type of business can verify income when faced with being audited.

08/25/2021

How To Survive an IRS Audit of Your Business

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An IRS audit can be intimidating, but seeing how it works can help. Learn about the process, what documents you need, and how to avoid audits.

08/18/2021

What Business Tax Costs Can Be Deducted?

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Many taxes that businesses pay are deductible, although a few are not. Learn the details about deductible and non-deductible business tax payments.