K. Kauder Tax - Accounting - Finance

02/17/2023

This IRS online tool simplifies estimating 2023 tax withholding

Check your tax withholding with the IRS Tax Withholding Estimator, a tool that helps ensure you have the right amount of tax withheld from your paycheck.

04/21/2022

What someone should do if they missed the April deadline to file and pay taxes?
The federal income tax deadline has passed for most individual taxpayers. However, some haven't filed their 2021 tax returns or paid their tax due.

Some people may choose not to file a tax return because they didn't earn enough money to be required to file. Generally, they won't receive a penalty if they are owed a refund. However, they may miss out on receiving a refund.

On the other hand, tax owed and not paid by April 18, 2022, is subject to penalties and interest. Taxpayers in Maine and Massachusetts had until April 19 to file and pay due to the Patriots' Day holiday in those states.

Anyone who didn't file and owes tax should file a return as soon as they can and pay as much as they can to reduce penalties and interest. Electronic filing options, including IRS Free File, are still available on IRS.gov through October 17, 2022, to prepare and file returns electronically.

The military community can also file their taxes using MilTax, a free tax resource offered through the Department of Defense. Eligible taxpayers can use MilTax to electronically file a federal tax return and up to three state returns for free.

If taxpayers find that they owe taxes, they can review their available payment options. The IRS has information for taxpayers who can't pay the taxes they owe.

Some taxpayers may have extra time to file their tax returns and pay any taxes due. This includes some disaster victims, taxpayers living overseas, certain military service members, and eligible support personnel in combat zones.

Filing soon is very important because the late-filing and late-payment penalties and interest on unpaid taxes add up quickly. However, in some cases, a taxpayer filing after the deadline may qualify for penalty relief. For those charged a penalty, they may contact the IRS by calling the number on their notice and explain why they couldn't file and pay on time.

Taxpayers who have a history of filing and paying on time often qualify for administrative penalty relief. A taxpayer usually qualifies if they have filed and paid timely for the past three years and meet other requirements. For details, taxpayers should visit the first-time penalty abatement page on IRS.gov.
Useful links:
1)https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return
2)https://www.irs.gov/individuals/dont-lose-your-refund-by-not-filing
3)https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
4)https://www.irs.gov/payments
5)https://www.irs.gov/newsroom/what-if-i-cant-pay-my-taxes
6)https://www.irs.gov/newsroom/tax-relief-presidentially-declared-disaster-areas-1

*** Penalties and Interest ***
1)https://www.irs.gov/payments/penalties
2)https://www.irs.gov/payments/interest-on-underpayments-and-overpayments

*** Penalty Relief (First Time Penalty Abatement)***
https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver

*** Military ***
1)https://www.irs.gov/individuals/military
https://www.militaryonesource.mil/financial-legal/tax-resource-center/miltax-military-tax-services/
2)https://www.militaryonesource.mil/financial-legal/tax-resource-center/preparing-filing-and-refunds/miltax-frequently-asked-questions/
3)https://www.irs.gov/newsroom/extension-of-deadlines-combat-zone-service

Pay your taxes, view your account or apply for a payment plan with the IRS.

02/28/2022

https://www.journalofaccountancy.com/news/2022/feb/aicpa-again-asks-irs-to-delay-k-2-k-3-reporting.html?fbclid=IwAR2xGWJsYqdeGq6JnvLV6bqLCagBntvtc9DxJ-4wgSS_5jB-W6sPYC_0wg8

Comment letters from the AICPA and state CPA societies also offer further recommendations.

01/18/2022

Дорогие налогоплательщики,

Надеемся, что вы отлично провели зимние праздники. Хотелось бы вам напомнить, что налоговый сезон начинается уже 24 января и многие налоговые формы, к примеру форма 1099-NEC, должны быть отправлены в налоговую IRS не позже понедельника, 31 января 2022 года. Если вам нужна помощь по этому или любому другому налоговому/бизнес вопросу, то пожалуйста, назначьте бесплатную 15-минутную консультацию по ссылке https://calendly.com/kauder-taf/15min

***Первые 15 минут консультации всегда бесплатно, а за каждый последующий 15-ти минутный интервал оплата всего $25.

Please let us know if you have any questions.

Best,

K. Kauder TAX Team

07/30/2021

https://www.youtube.com/watch?v=KMe3q9N5UHY

There have been changes to the Child Tax Credit that will benefit many families as they receive advance payments starting in summer 2021. For more details, v...

07/20/2021

Налоговые публикации переведенные на русский язык находятся тут 👇

✔️ Публикация №1 "Ваши права в качестве налогоплательщика
https://www.irs.gov/pub/irs-pdf/p1ru.pdf
✔️ Публикация 17 "Ваш федеральный подоходный налог"
https://www.irs.gov/pub/irs-pdf/p17ru.pdf

✔️Publication 850 (EN-RU) Словарь налоговых терминов English-Russian Glossary of Tax Words and Phrases
https://www.irs.gov/pub/irs-pdf/p850enru.pdf

06/22/2021

Сheck the table below for what you can claim as the meal deduction in 2021 and 2022 (as the law stands now):

04/16/2021

Работадателям на заметку:

Notice 2021-24 amplifies the guidance in Notice 2020-22, 2020-17 I.R.B. 664, which provides for penalty relief under section 6656 of the Code for an employer’s failure to timely deposit employment taxes with the IRS

03/17/2021

The IRS has announced that it will extend the filing season until Monday, May 17, 2021. This one-month extension is for filing and payment.

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

03/12/2021

Новый пакет помощи на 1,9 триллиона долларов.
Президент Джо Байден в четверг (11 марта) подписал законопроект о борьбе с пандемией на сумму 1,9 триллиона долларов. Новый закон называется H.R.1319 - American Rescue Plan Act of 2021 и полная версия закона находится тут 👇
https://www.congress.gov/bill/117th-congress/house-bill/1319/text

✔️Для всех (RECOVERY REBATES TO INDIVIDUALS)
Согласно новому законопроекту, граждане и резиденты США с низким и средним доходом получат $1,400 на человека (доход не должен превышать $75,000 single и $150,000 married filing jointly). Большинство американцев начнут получать выплаты в размере $1,400 в течение следующих нескольких дней.

✔️Для dependents
В новом законе предусмотрена помощь для dependents. Сумма помощи $1,400 на каждого dependent, как определено в Sec. 152 Налогового Кодекса (например студенты и пожилые родители, которых содержит налогоплательщик).

✔️Для детей (ADVANCE PAYMENT OF CHILD TAX CREDIT)
* дети до 6 лет: до $3,600 в год на ребенка
* дети в возрасте от 6 до 17 лет: до $3,000 в год на ребенка
Не забываем про ограничения по доходам родителей MODIFIED ADJUSTED GROSS INCOME (MAGI):
Head of household: $112,500
Joint return or surviving spouse: $150,000
Single: $75,000
Еженедельные выплаты на ребенка планируют начать в июле 2021 (около $300 в неделю).

✔️Для нетрудоустроенных:
Пособия по безработице продлено до сентября 2021. Дополнительное пособие по безработице составит $300 в неделю. Так же интересное изменение касательно пособия по безработице за 2020 год. Первые $10,200 не будут облагаться налогом, если adjusted gross income налогоплательщика не превышал $150,000 в 2020 году.

01/22/2021

📌 Всего 10 дней осталось, что бы выслать в налоговую IRS форму 1099 для ваших субконтракторов! Предоставить копию формы 1099-NEC (1099 Misc) на бумаге или в электронном виде в этом году нужно до 1 февраля 2021 г.
Подробности читаем тут (см стр 27)👇
https://www.irs.gov/pub/irs-pdf/i1099gi.pdf