W Hal Wyatt CPA PC

08/08/2023

Be wary of Employee Retention Credit advertisements that advise you to "apply" for money by claiming the when you may not qualify. Talk to a trusted tax pro and make sure you review the answers to frequently asked questions: https://ow.ly/SQsY50PrSfg

07/02/2023

03/12/2023

You work hard to manage your small business. Don’t get fooled by fraudulent third parties promoting improper claims of the Employee Retention Credit. Be wary of offers beyond the guidelines for this credit. Taxpayers are responsible for the information reported on their returns. Improperly claiming the ERC could result in paying back the credit along with penalties and interest.

For more guidance on the Employee Retention Credit check out http://ow.ly/6cTp50NaVwe.

02/05/2023

The has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. For 2023, the standard mileage rate for business travel will be 65.5 cents per mile. To learn more, see: http://ow.ly/Am5450MeW5R

12/01/2022

The lack of stimulus payments in 2022 will play a key role, according to the IRS.

09/08/2022

IR-2022-89, April 18, 2022 — The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the amount of a retroac...

08/26/2022

New blog from National Taxpayer Advocate Erin M. Collins highlights penalty relief for 2019 and 2020 tax returns and what it means for taxpayers. Learn more: taxpayeradvocate.irs.gov/news/nta-blog-the-irs-is-automatically-providing-late-filing-penalty-relief-for-both-2019-and-2020-tax-returns.

08/24/2022

08/18/2022

For the first time ever, teachers and other educators will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their tax returns in 2022. See: https://go.usa.gov/xzFUm