Be on the lookout for two very important letters coming in January from the IRS. The Third Stimulus Payment (Letter 6475) and Advanced Child Tax Credit payments (Letter 6419). Preparation of your tax return could be delayed without these letters.…
As we see COVID cases and hospitalization rates increase in recent weeks, we would like to remind employers in Central Iowa that COVID relief legislation includes payroll tax credits (available through September 30, 2021) to help reduce the spread of…
Its July 15th 2021, and if you have kids under 17, the IRS may have sent you the first advance payment of the Child Tax Credit. As a reminder, the advance payment for kids under six is $300 monthly. The…
Assume for a moment, you have a 14 year old child. Here are the two options the IRS is giving you to claim the child tax credit in 2021: Option A: Receive a $3,000 child tax credit when you file…
If you own an agricultural business that has been impacted by the COVID-19 pandemic, consider applying for the EIDL (Economic Injury Disaster Loan and Advance). The SBA opened up a special application period for agricultural businesses on May 4th, 2020.…
The IRS issued regulations on Tuesday, 5/12/2020 that could impact your health insurance plan, health flexible spending accounts (FSA’s), and dependent care assistance. There are two broad changes that you may hear more about in the coming weeks: The IRS…
If you are a targeted small business and are experiencing a business disruption due to the COVID-19 pandemic, we encourage you to look into applying for a grant of up to $10,000 with Iowa Economic Development: https://www.iowaeconomicdevelopment.com/programDetails?pid=137&ppid=26 Businesses with no…
You’ve signed your individual tax return along with the authorization forms allowing BakerStarrett LLP to electronically file your tax returns. You’re done right? That depends on if your tax return shows a refund or amount due. If you owe While…
An independent division within the IRS called the Taxpayer Advocate Service (TAS) recently pulled back the curtain and provided some transparency into the process your tax return goes through when it is received by the IRS. The Taxpayer Roadmap attempts…
Many educational and financial institutions prompt students and customers to receive their tax documents electronically. While electronic delivery saves on paper and mailing costs, it requires additional steps from you, the taxpayer. Below are a few pointers on how to…
