Blog posts from: 2021

Taxpayers should obtain Identity Protection PIN each year for tax filing security

In an effort to provide enhanced security to federal income taxpayers, the IRS is offering a voluntary, opt-in Identity Protection (IP) program for taxpayers. The PIN is a six-digit number known only to the taxpayer and the IRS and prevents someone else...

What to do if you’ve earned more than the yearly Social Security limit in the months before you retire

Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is a special rule that applies to earnings for one year, usually the first year...

SR Client Question: How do I handle taxes for my Health Savings Account (HSA)?

If you have a high deductible health insurance plan (HDHP), then you qualify to make contributions to an HSA up to the maximum limit for the year.  Many times, an employer will also fund some of an HSA as well,...

Michigan’s popular MESP 529 program adds app

The Michigan Department of Treasury announced the launch of READYSAVE 529, a new education savings mobile app available to Michigan Education Savings Program (MESP) account owners. The app provides a convenient way to access information, track progress and make contributions....

New online portal for opting out of advance Child Tax Credit payments

The IRS has opened an online site to enable taxpayers to unenroll from receiving advance payments of the 2021 child tax credit (CTC). The new “Child Tax Credit Update Portal” allows parents to view their eligibility, view their expected CTC...

IRS offers ways to determine Reasonable Compensation in Not-for-Profit and For-Profit entities

The IRS, as part of their audit programs, regularly encounters contentious issues in a tax audit of a business.  One of theses is determining the appropriateness of an amount of compensation paid to owner/employees. For instance: Businesses that pay compensation...

Online tool to register for monthly Child Tax Credit payments is now available

  • June 21, 2021
  • Maria Montie, CPA, MST, CVA, MAFF

The Treasury Department and the Internal Revenue Service have unveiled an online Non-filer Sign-up tool designed to help eligible families who don’t normally file tax returns register for the monthly Advance Child Tax Credit payments, scheduled to begin July 15....

HHS issued revised reporting requirements for recipients of Provider Relief Fund (PRF) payments (effective June 11, 2021)

HHS recently revised the Post-Payment Notice of Reporting Requirements, which increases the amount of time to report and extends the deadline for spending for recipients of Provider Relief Fund (PRF) payments.  This includes increasing the amount of time providers will have to report...

Michigan unclaimed property reports are due soon

Michigan unclaimed property reports are due to be filed by July 1, 2021 for any property that reached its dormancy period by March 31, 2021. Most types of property have a three-year dormancy period, but there are others. This manual...

SR Client Question: Why haven’t I received my tax refund yet?

There are various factors leading to the Internal Revenue Service's delayed processing of 2020 federal income tax returns. Typically, the IRS sends most refunds within three weeks of taxpayers filing their return. But this year is complicated by several issues,...