The IRS is changing how certain taxpayers receive penalty relief. The new Automatic Exemption from Penalty (AEP) program will automatically provide eligible taxpayers with relief from certain penalties based on their history of timely filing and payment. In this blog, we explain how AEP works, who may qualify, what penalties it covers, and what to do if you receive an IRS penalty notice during the transition.
Your Social Security earnings record can play an important role in determining your future retirement benefits—but not all income counts the same way. In this blog, we explain which types of income are considered Social Security earnings, how the SSA uses your earnings history to calculate benefits, and why reviewing your record for errors can be an important part of planning for retirement.
Whether you enjoy the occasional lottery ticket, casino trip, or sports bet, it's important to understand how gambling winnings affect your taxes. In this month's blog, we explain what income must be reported, when gambling losses may be deductible, why you might have to file a tax return in another state, and what records to keep throughout the year to make tax season easier.
Strong accountant-client relationships are built on more than deadlines and paperwork. Learn six simple ways to communicate more effectively, stay organized, and partner with your accountant for a smoother, more efficient experience, and better financial outcomes.
The IRS is changing how certain taxpayers receive penalty relief. The new Automatic Exemption from Penalty (AEP) program will automatically provide eligible taxpayers with relief from certain penalties based on their history of timely filing and payment. In this blog, we explain how AEP works, who may qualify, what penalties it covers, and what to do if you receive an IRS penalty notice during the transition.
Your Social Security earnings record can play an important role in determining your future retirement benefits—but not all income counts the same way. In this blog, we explain which types of income are considered Social Security earnings, how the SSA uses your earnings history to calculate benefits, and why reviewing your record for errors can be an important part of planning for retirement.
Whether you enjoy the occasional lottery ticket, casino trip, or sports bet, it's important to understand how gambling winnings affect your taxes. In this month's blog, we explain what income must be reported, when gambling losses may be deductible, why you might have to file a tax return in another state, and what records to keep throughout the year to make tax season easier.
