Carefully choosing a tax professional to prepare a tax return is vital to ensuring your personal and   financial information is safe and secure and treated with care. Another reason to choose a tax preparer carefully is because taxpayers are ultimately legally responsible for all the information on their income tax return, regardless of who prepares… Read More

Individuals and businesses in parts of Connecticut affected by severe storms, flooding and a potential dam breach that began on Jan. 10 now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. Currently, this includes New London County, including the Mohegan Tribal Nation and Mashantucket Pequot… Read More

Taxpayers, you must again must again answer a digital asset question and report all digital asset-related income when you file your 2023 federal income tax return, as you did for your 2022 federal tax returns. Everyone who files Forms 1040, 1040-SR, 1040-NR, 1041, 1065, 1120, 1120 and 1120S must check one box answering either “Yes”… Read More

U.S. citizen and resident aliens living abroad should know their tax obligations. Their worldwide income — including wages, unearned income and tips — is subject to U.S. income tax, regardless of where they live or where they earn their income. They also have the same income tax filing requirements as U.S. citizens or resident aliens… Read More

Email and text scams are relentless, and scammers frequently use tax season as a way of tricking people. With people anxious to receive the latest information about a refund or other tax issue, scammers will regularly pose as the IRS, a state tax agency or others in the tax industry in emails and texts. Phish… Read More

Generally, income earned from the gig economy is taxable and must be reported to the IRS on tax returns. The gig economy is activity where people earn income providing on demand work, services or goods, such as selling goods online, driving a car for deliveries or renting out property. Often, it’s through a digital platform… Read More

The April 18 deadline for individuals to file and pay their federal income tax is just around the corner. While paying taxes is not optional, the IRS offers a variety of ways for people to pay their taxes. Some taxpayers must make quarterly estimated tax payments throughout the year. This includes sole proprietors, partners, and… Read More

Different factors can affect the timing of a refund after the IRS receives a return. A manual review may be necessary when a return has errors, is incomplete or is affected by identity theft or fraud. Other returns can also take longer to process, including when a return needs a correction to Child Tax Credit… Read More

To combat anticipated complications and questions on how to report the ACTC on tax returns, the IRS announced on December 21, 2021, that a letter would be sent to ACTC recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January.  It is the IRS’s… Read More

The N.C. Department of Revenue announced that it will begin processing 2021 tax year returns in mid-February, which is several weeks after the start of the nation’s tax season on Monday, January 24, 2022. This delay is due to the late approval of the state budget, which included multiple tax law changes. The later start… Read More