Tax Alex Schreiber Tax Alex Schreiber

IRS Announces Another Round of Unemployment Tax Refunds

The Internal Revenue Service disclosed it’s not done issuing refunds for tax paid on certain unemployment benefits received in 2020. So far, the IRS has completed four rounds of refunds due to the unemployment compensation exclusion, including 9 million individual refunds totaling over $10 billion.

Read More
Nonprofit, Financial Statements, Tax Alex Schreiber Nonprofit, Financial Statements, Tax Alex Schreiber

COVID-19’s Lasting Effects on Nonprofits – Audit and Tax Issues

The pandemic may have also affected the operation of internal controls at your organization. For example, if staff members were laid off or terminated, controls designed for segregation of duties may not have operated effectively. Likewise, increased health and financial insecurity may have increased the motivation of some individuals to commit fraud.

Read More
Tax Alex Schreiber Tax Alex Schreiber

Changes to the Child Tax Credit

Significant changes to the child tax credit were enacted in recent months. Many families will receive increased credit amounts and can receive up to half of the credits as advance monthly payments beginning in July.

Read More
Tax Alex Schreiber Tax Alex Schreiber

Should You File Past Due Tax Returns?

Every year, many people who should have filed a tax return (or several years of returns) don’t file. Some think that if they cannot afford to pay the taxes due, they are better off not filing. For one reason or another, they missed the deadline and now wonder whether they’re better off filing the past due returns or trying to forget them.

Read More