There are terms being thrown around these days: Gig Work, Gig Economy, Side Gig, etc. They all mean the same. I started my own business to make extra income, or I quit my job to start my own business and make money. Whatever you call it self-employment is what it is. Small businesses are a huge part of the economy.
Read MoreReceived an update from the IRS.
The IRS is closing several individual payment P.O. boxes (or lockbox addresses) in the San Francisco, Calif., and Hartford, Conn., areas beginning Jan. 1, 2022. Payments mailed to these closed payment locations after Jan. 1 will be returned to sender. To help ensure timely receipt, encourage your clients to avoid mailing to these closing addresses. Check Where to File on IRS.gov for active addresses before mailing payments. If you or your client receive an IRS payment letter, send payment to the address found in the letter. The IRS also encourages taxpayers to use IRS Direct Pay. It’s a fast, secure and easy way to pay a tax bill or estimated tax payment directly from a checking or savings account. Users receive instant confirmation that their payment has been made. For more information, see Publication 3891, Lockbox Addresses for 2021.
If you need assistance dealing with the IRS call me 712-274-3469.
I received an update from the IRS today.
The IRS has launched a new feature allowing any family receiving monthly Child Tax Credit payments to quickly and easily update their mailing address using the Child Tax Credit Update Portal, found exclusively on IRS.gov. This feature will help any family who chooses to receive their payment by paper check avoid mailing delays or even having a check returned as undeliverable. To have the change take effect in time for the September payment, people need to complete the change request before midnight ET on Monday, Aug. 30.
Later this year people will also be able to:
If you need assistance with a tax problem, let’s talk. Phone: 712-274-3469, email: TaxHelp@BabitzkeEA.com, of Facebook Messenger (you can be anonymous).
Part of the ACCOUNTING industry, tax resolution work requires keeping up with what is going on. I try to limit my work to fixing the problems businesses and individuals in general have with the Internal Revenue Service. It is hard not to provide a lot of accounting, bookkeeping, and tax return preparation.
To keep up I read other blogs, news sources, and of course the IRS.gov web site, among others. I also have signed up with the IRS news and procedures updates that are received in my inbox almost daily. There is also a requirement to take classes each year in several subjects and ethics. I still try and learn more.
Read MoreYesterday the Treasury Department and IRS issued additional information on the employee retention credit. This included adding qualified wages paid through the end of the year.
Two notices from the IRS have all the details: Notice 2021-49 amplifies prior guidance regarding the employee retention credit provided in Notice 2021-20 and Notice 2021-23 .
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