It's no secret that the government observes different holidays than many of us. Furthermore, the IRS observes holidays applicable to the District of Columbia, which can also throw a curveball. Here's the list of legal holidays observed by the IRS in 2023: January 2—New Year's Day (observed) January 16—Birthday of Martin Luther King, Jr. February 20—Washington's Birthday April 17—District of…
To download a handy chart of 2023 dollar limits for employee benefit plans and various tax items, click on the link below: 2023 Dollar Limits Flyer
Every good movie has a sequel. In this case, the "movie" is SECURE Act 2.0 - a sweeping piece of legislation that if passed, will affect both individual and company-sponsored retirement plans. The Back Story In 2019, Congress passed the SECURE Act, which affected many aspects of retirement plans. One of its most memorable scenes was increasing the required minimum…
If your CPA tells you that your return needs to be extended, it's because additional time is needed to prepare your return so that it's complete and accurate. You'll still need to pay any anticipated taxes at the time your return would normally be due (April 18, 2022 for 2021 returns), but your finished return won't be due until October…
In this article, we'll cover non-payroll issues to be aware of as you navigate year-end. Forms 1099 There's a veritable alphabet soup of Forms 1099, so it's important to use the right form for the right reason. Here's the list in alphabetical order (click on each one for the specific instructions): 1099-B, Proceeds from Broker or Barter Exchange Transactions 1099-DIV,…
The annual deadline for unclaimed property remittance and reporting for both Kansas and Missouri is November 1. If your business holds unclaimed property such as uncashed payroll or vendor checks, security deposits, refunds, customer/patient overpayments, accounts receivable credit balances, or insurance proceeds, you're subject to unclaimed property reporting. The November 1 deadline reports unclaimed property as of June 30 of…
Taxpayers may access the Child Tax Credit Update Portal with either an ID.me Account or an IRS Online Services Account through Secure Access. An IRS Online Services Account also provides a variety of other accessibility options related to the taxpayer’s individual tax account which are not accessible with an ID.me Account. The following is a quick summary of these types…
With the March 11, 2021 passage of the American Rescue Plan Act (ARPA), two long-standing tax credits for taxpayers with minor children received significant enhancements. Child Tax Credit Background: The Child Tax Credit (CTC) previously provided up to a $2,000 credit per qualifying child. This credit began to phase out for taxpayers with adjusted gross income (AGI) > than $400,000…
It's a question we hear frequently - how long do you need to keep all those documents? Our records retention guidelines can help - click below for a handy one page guide! Records Retention for Individuals
Friday, January 15, 2021 Pay the final installment of your 2020 estimated tax using Form 1040-ES Deposit payroll tax for December 2020 if the monthly deposit rule applies Kansas Withholding Tax Deposit Report (Form KW-5), monthly filers, December Monday, January 25, 2021 Kansas Consumers' Compensating Use Tax Return (Form CT-10U) - annual filers, previous year Kansas Consumers' Compensating Use Tax…