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2221 Main St Bellevue, NE 68005
(402) 898-2672
The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to pay their second quarter tax liability is June 15. Taxes are pay-as-you-go This means taxpayers need to pay most of the tax they expect to owe during the year, as income is received. There are two ways to do that: Withholding from pay, pension or certain government [...]
Gov. Ricketts Signs Historic Tax Relief into Law LINCOLN – On April 13, 2022, Governor Pete Ricketts hosted a bill signing for LB 873 in the State Capitol Rotunda, according to https://governor.nebraska.gov/press/gov-ricketts-signs-historic-tax-relief-law. LB 873 delivers record amounts of tax relief to Nebraskans by cutting income taxes and reducing property tax burdens, added the article. Want to maximize your tax [...]
IRS Issues Virtual Currency Transactions Reminder The Internal Revenue Service is cautioning taxpayers with virtual currency not to skip over a small, but vitally important, part of their Form 1040 this year. As the saying goes, the devil’s in the details. The pitfall comes in the form of a simple check box at the top of each Form 1040, Form [...]
Why Refunds may take longer than 21 days The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit. However, some returns have errors or need more review and may take longer to process. Taxpayers shouldn’t rely on getting a refund by a certain date. Things that can delay a refund: The [...]
Taxpayers should file their tax return on time to avoid costly interest and penalty fees Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each [...]
IRS Reminds Retirees About IRA RMDs The Internal Revenue Service reminds taxpayers who turned 72 after June 30, 2021, and received their first required distribution (for 2021) in 2022 on or before April 1, must receive their second RMD (for 2022) by Dec. 31, 2022. Even though the first distribution is actually the required 2021 distribution, it’s taxable in 2022 [...]
PATH Act Funding Starts Feb 22 The PATH Act mandates that the IRS cannot issue tax refunds on returns with Earned Income Tax Credit or Additional Child Tax Credit until mid-February. These refunds are historically released over a few days. The first such day is this Tuesday, February 22nd, and billions of dollars of these refunds will be released on [...]
IRS reminds Farming or Fishing Business Owners To File March 1 The Internal Revenue Service today reminded those with income from a farming or fishing business they should file and pay their entire tax due on or before Tuesday, March 1, if they did not make estimated tax payments. Taxpayers can pay from their bank account using their Online Account or they [...]
IRS Notice 2021-39: Transition Period Penalty Relief for New Schedules K-2 and K-3 for Forms 1065, 1120-S and 8865 Provides PENALTY RELIEF for taxable years that begin in 2021 (processing year 2022) with respect to Schedules K-2 and K-3 to Forms 1065, 1120-S, and 8865. These forms that will be made available in late February 2022 to software developers, by [...]
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