What happens if someone else gets your W-2?
If you talk to your employer and find out someone sent your form to the wrong address, have them re-send the W-2 to your correct address immediately. If y...
Is a doctor considered an independent contractor?
People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, and subcontractors who are in an independent trade, business, or profe...
Can I claim lifetime learning credit if employer reimbursement?
Answer: Congress recently eliminated the tuition and fees deduction, but the American Opportunity Tax Credit and the Lifetime Learning Credit remain for 2...
How much does a boutique owner make a year?
How much does a boutique owner make? As you’ve probably guessed already, the range for how much a boutique owner makes per year is incredibly varied. Acco...
Is there a penalty for filing taxes a year late?
The IRS has more information for taxpayers who owe the IRS, but cannot afford to pay. Ordinarily, the failure to file penalty is 5% of the tax owed for ea...
What does refund overpayment mean?
An overpayment on your tax return is the amount of refund you would receive. An overpayment occurs when a taxpayer pays too much in income taxes. At the e...
What happens if a 5500 is filed late?
Late filed returns are subject to penalties from both IRS and DOL, so it’s very important to identify this mistake before we do. The IRS penalty for late ...
When does a CPA need to withdraw from a tax return?
If the subsequent year’s return cannot be prepared without perpetuating the error, the CPA should consider withdrawing from the return preparation. Genera...
Do I have to register for CalJOBS during Covid?
Work Search Requirement for Pandemic Unemployment Assistance PUA claimants will not have to register on CalJOBS, however doing so is recommended because i...
Is federal tax refund taxable next year?
First, federal income tax refunds are not taxable as income. However, if you itemized your deductions and elected to deduct the state income taxes in an e...
