Anish CPA

05/05/2024

https://www.cbsnews.com/news/irs-plans-audit-increase-who-will-be-targeted/

The IRS is tapping Inflation Reduction Act funding to hire more agents and go after more tax cheats. Here's where it is focusing.

01/01/2023

Wishing you all a Happy New Year, bursting with fulfilling and exciting opportunities!!

08/05/2022

IRS Acknowledges Sending Erroneous CP-14 Balance-Due Notices. Taxpayers who know they paid all the tax due on their 2021 return should not respond to the CP-14 notice.

July 27, 2022 — The IRS is aware that some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.

08/01/2022

Tax free weekend from Friday August 5th to Sunday August 8th.

The waiver of the sales tax will run from Friday, Aug. 5, to Sunday, Aug. 7, on items...

07/11/2022

These midyear tax strategies can trim next year’s bill from the IRS and reduce ‘unwelcome surprises’

Whether you typically receive a tax refund or a bill, there’s still plenty of time to improve next year’s filing, experts say. Here are four moves to consider.

06/28/2022

Health insurance premiums poised to jump next year for 13 million people unless Congress extends expanded subsidies for marketplace coverage.

Here’s a hypothetical example, based on a report from the Congressional Budget Office: Say a 64-year-old with $58,000 in income — about 430% of the 2022 poverty level of $13,590 — has insurance through the exchange. The 8.5% limit currently in place means they would pay no more than $4,950 for premiums this year. However, if faced with a 400% cap on eligibility in 2023, that same person would pay $12,900 for premiums because they’d no longer qualify for subsidies.

Unless Congress takes action, enhanced premium subsidies that have been in place for 2021 and 2022 will disappear after this year.

06/28/2022

Over 10 years of experience in Tax Compliance and Planning.. Call 832-379-2425 to schedule an appointment.

06/26/2022

IRS is sending out CP14 notices to taxpayers who have a balance of $5 or more in unpaid taxes. Please contact us if you received such a letter, and we can assist you in responding to the letter.

The IRS has begun mailing out CP14 notices to millions of taxpayers who have a balance of $5 or more in unpaid taxes, kindly reminding them that the federal government would like its money.

06/26/2022

The IRS backlog of tax returns has swelled to over 21 million, despite efforts to clear the pileup, according to a watchdog report.

06/26/2022

The Internal Revenue Service announced an increase in the optional standard mileage rate to 62.5 cents per mile for the final 6 months of 2022.

IR-2022-124, June 9, 2022 — 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 oth...