IRS Reference Code 1341
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
IRS Reference Code 1301
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
Tax Benefits for Child Daycare Providers and Users
Special tax benefits are available for those providing daycare services for children and the parents who pay for those services. This article looks at the various tax deductions daycare providers may use and the childcare tax credit that the parents may claim. DAYCARE PROVIDERS Daycare providers are generally self-employed individuals who provide care in their […]
IRS Reference Code 1262
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
Foreign Income and Tax Reporting Issues
Article Highlights: Non-Resident Alien Spouse Foreign Rentals Foreign Pensions Foreign Income Exclusion FBAR Statement of Specified Foreign Financial Assets Credit of Foreign Tax Paid Canadian Registered Retirement Savings & Income Plans Reporting Receipt of Foreign Gifts or Bequests Reporting Ownership or Transactions with Foreign Trusts Annual Information Return for Foreign Trust with U.S. Owner Ownership […]
Are Damage Awards Taxable?
Article Highlights: Physical Injury Wrongful Death Emotional Distress Employment Discrimination Sexual Harassment Human Trafficking Restitution Wrongful Incarceration Damages Related to Business Interests Legal Expenses Frequent questions that arise are: Are amounts received from settlement of lawsuits and other legal remedies taxable? Are the legal fees paid in connection with these payments tax deductible? The tax […]
Working Abroad Has Huge U.S. Tax Benefits
Article Highlights: Tax-Free Income from Working Abroad Foreign Earned Income and Housing Exclusions Foreign Self-Employment Income Claiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide income, whether they live in the U.S. or in another country. However, qualifying U.S. citizens and resident aliens who live and work abroad may […]
Tax Issues That Arise When Converting a Home into a Rental
Article Highlights: Reason for Conversion Basis Depreciation Cash Flow versus Tax Profit or Loss Passive Losses Home Gain Exclusion Other Tax Issues Becoming a Landlord With the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home mortgage interest rates, more and more homeowners are converting their […]
IRS Reference Code 1261
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
May 2022 Individual Due Dates
May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes and income tax withholding […]