How to Handle an IRS CP2000 Notice for Underreported Income
One of the most common notices issued by the IRS is the CP2000, Request for Verification of Unreported Income, Payments, and/or Credits. This notice is generated automatically by the IRS’s computer system when information reported to them about you on Forms W-2, 1098, 1099, etc. does not match the information on your tax return.
ERISA Plan Governance Best Practices
Effective plan governance can help reduce risk for the plan and its fiduciaries, as well as increase the likelihood that plan and participant objectives are met.
IRS Issues Tips for a Smooth Filing Season
The IRS released several tips aimed at ensuring taxpayers experience a smooth filing season. With the IRS dealing with unprecedented processing delays brought on by the pandemic, it’s more important than ever to do what you can to file a timely and accurate return.
Individual Tax Filing Season Begins January 24
April 18 is both the federal and Pennsylvania deadline to file your 2021 income tax returns or a timely filed extension request. (Tax Day is normally April 15, but is extended in 2022 because Washington D.C. will celebrate Emancipation Day on that date.)
Penalties for Missing the 1099-NEC or 1099-MISC Deadline
Businesses need to report payments to independent contractors and non-incorporated businesses on Form 1099-NEC if those payments totaled $600 or more during 2021. These payments may represent fees, commissions, prizes, awards, or other forms of compensation for services performed for your business.