by Blog | Mar 1, 2023 | Business Clients - Updates in Canada, Business Clients - Updates in US, Personal Clients - Updates in Canada, Personal Clients - Updates in US
Filing a tax return electronically reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. Using a reputable tax preparer can also help avoid errors. Mistakes can result in a processing delay, which can...
by Blog | Feb 2, 2023 | Business Clients - Updates in US, Personal Clients - Updates in US
The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Jan. 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that...
by Blog | Jan 30, 2023 | Business Clients - Updates in US, Personal Clients - Updates in US
The IRS recently hired 4,000 new customer service representatives to help answer phones and provide other services. In addition to the thousands of employees already hired, the IRS is also seeking over 700 new employees to help taxpayers at Taxpayer Assistance Centers...
by Blog | Jan 28, 2023 | Business Clients - Updates in US, Personal Clients - Updates in US
The Internal Revenue Service reminded taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their federal income tax return. The term “digital assets” has replaced “virtual currencies,” a term used in...
by Blog | Dec 20, 2022 | Business Clients - Updates in Canada, Business Clients - Updates in US, Personal Clients - Updates in Canada, Personal Clients - Updates in US
The Internal Revenue Service reminds taxpayers to avoid “ghost” tax return preparers whose refusal to sign returns can cause a frightening array of problems. It is important to file a valid, accurate tax return because the taxpayer is ultimately responsible for it....
by Blog | Dec 6, 2022 | Business Clients - Updates in US, Personal Clients - Updates in US
If taxpayers discover a mistake on their tax return, this is not necessarily cause for concern. Most errors can be fixed by filing a Form 1040-X, Amended U.S. Individual Income Tax Return. Here are some common reasons people may need to file an amended return:...