The Internal Revenue Service (IRS) has a limited amount of time to collect back taxes, penalties, and interest from taxpayers. This time period is known as the Collection Statute Expiration Date (CSED). Collection Statute Expiration Date (CSED) The CSED is generally 10 years from the date the tax was assessed. This means that the IRS … Read more
No, you cannot qualify for the Earned Income Tax Credit (EITC) if you have no earned income. The EITC is a tax credit for low- to moderate-income working individuals and families. To qualify for the EITC, you must meet certain requirements, including having earned income. What is Earned Income? Earned income is income you receive … Read more
Retirement is a significant milestone that marks the end of your working years and the beginning of a new chapter in life. It’s a time to relax, pursue your passions, and enjoy the fruits of your labor. However, taxes can put a damper on your retirement savings, especially if you live in a state with … Read more
Yes, you can still file your 2019 taxes in 2022. The IRS has extended the deadline to file 2019 tax returns to July 17, 2023. This means you have until this date to claim any refunds you may be owed. Why File Your 2019 Taxes Now? Even if you don’t owe any taxes, it’s important … Read more
The Internal Revenue Service (IRS) is responsible for enforcing the nation’s tax laws. As part of its enforcement efforts, the IRS conducts audits to ensure that taxpayers are complying with these laws. Audits can be conducted on individuals, businesses, and organizations. One of the most common questions taxpayers have about audits is how far back … Read more
Navigating the Nuances of Tax Filing for 2019 and Beyond The tax filing landscape is constantly evolving, and staying abreast of the latest regulations and deadlines is crucial for ensuring timely and accurate submissions. This article delves into the specificities of filing 2019 taxes, addressing the concerns of individuals who may have missed the initial … Read more
Individual retirement accounts (IRAs) offer tax advantages to encourage retirement savings. However, the Internal Revenue Service (IRS) imposes income limits on direct contributions to Roth IRAs to ensure equitable distribution of these benefits. High earners who exceed these limits are restricted from making direct contributions. Income Limits for Roth IRA Contributions The IRS establishes annual … Read more
Key Points: Social Security benefits are calculated based on your average indexed monthly earnings (AIME), which is a measure of your lifetime earnings adjusted for inflation. The AIME is calculated using your earnings from the 35 highest-earning years of your working life. The Social Security Administration (SSA) uses a formula to calculate your primary insurance … Read more
The Indian government introduced Section 80TTB in the Union Budget of 2018 to provide tax relief to senior citizens on their interest income. This deduction is applicable to individuals aged 60 years or above who are resident citizens of India. However, the question arises whether this deduction is still available under the new tax regime … Read more
Audits are an essential part of ensuring compliance with food safety regulations and maintaining product quality. However, unexpected audits can pose challenges, especially if key personnel are unavailable. This article explores the question of whether it is possible to refuse an audit if the Quality Manager is not on-site. FDA and USDA Audits For FDA … Read more