by PSA CPA | May 1, 2024 |
Let’s be honest – tax preparation isn’t at the top of anyone’s summer to-do list. But consider this! When planning fun summer activities or making life changes, it may be helpful to keep in mind how they may affect your tax return the following...
by PSA CPA | May 1, 2024 |
Penalties for late filings and payments The IRS applies late filing penalties when taxpayers fail to submit or pay their tax returns on time. The failure-to-file penalty is typically 5% of the unpaid tax, with a maximum of 25% every month or portion of a month that...
by PSA CPA | Apr 1, 2024 |
The IRS generally has three years to audit a tax return, beginning with the later of the return’s due date or the day you submit. You can also file an amended return within this time window if you missed anything. Here’s what you should know about keeping...
by PSA CPA | Apr 1, 2024 |
Comptroller Brooke E. Lierman has stated that the Office of the Comptroller will waive late payment penalties and interest for Maryland businesses until May 31, 2024, to address the economic effect of the Francis Scott Key Bridge collapse. According to investigators,...
by PSA CPA | Apr 1, 2024 |
Filing jointly or separately The IRS deems taxpayers wedded if they are legitimately married under state law, reside together in a state-recognized common-law marriage, or are separated but do not have a separation maintenance or final divorce decision at the...
by PSA CPA | Mar 1, 2024 |
So, you submitted your tax return on time and intended to forget about taxes for another year. But you’ve recently uncovered an error on your federal tax return. What are you doing? Do you submit a fresh return with the Internal Revenue Service and advise them...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…