President Biden signed the American Rescue Plan into law Thursday, March 11, 2021. The $1.9 trillion economic stimulus plan contains a number of pieces of legislation aimed at supporting individuals through the continued Coronavirus pandemic.
Direct Payments
Stimulus checks are a big part of this latest bill. Individuals who earn less than $75,000 and married couples earning less than $150,000 will receive a direct payment of $1,400 per person. Additionally, for ever
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There has been a marked increase of fraud cases surrounding unemployment benefits, particularly in the state of Ohio. This amounted to at least $330 million in fraudulent pandemic unemployment benefits distributed between April and December 2020.

To combat this very serious issue, the state of Ohio launched a new resource portal (https://unemploymenthelp.ohio.gov/) for employers to alert the state if they suspect their employees’ or their own information has been c Read More >>

Chris Eichmuller, CPA, is a director at Corrigan Krause and the head of the tax department.

For many of us, 2020 was a year unlike any other. At Corrigan Krause, we are ready to help you get organized and guide you through tax season this year. Here are a few tips to help you get started:

1. Find a home for your documents.

Create a folder on your computer’s desktop to save your electronic documents to make it easier to send everything to your Corrigan Krause tax professional. If you’r Read More >>

Late yesterday, the IRS released Notice 2020-32, clarifying how the IRS will treat expenses paid with funds from the Paycheck Protection Program (PPP).

The PPP provides 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during the COVID-19 crisis. If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities is Read More >>

The IRS is strongly encouraging everyone to perform a “paycheck checkup” due to recent tax law changes. The Withholding Calculator helps you make sure you have the right amount of tax withheld from your paycheck.

According to the IRS, there are several reasons to check your withholding:

  • Checking your withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year.
  • At the same time, with the average refund
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Liyuan (Shirley) Wu , explains what you need to know as employers and employees. 

The IRS released Notice 1036 (see link below), which updates the income-tax withholding tables for 2018 reflecting changes in tax rates and tax brackets, increased standard deduction and repeal of personal exemptions that were included in the new tax reform law Tax Cuts and Jobs Act (TCJA) signed in December.

Employers should begin using the 2018 withholding tables as soon as possible, but n Read More >>

Carleigh Machock provides advice on how to pay online.

In a world that is dependent on mobile banking, quick money transfers and instant online payments, taxpayers want a fast and easy way to pay the IRS. It’s taxing enough to organize finances, let alone figure out what information is required to be sent out with a paper check. Before you dust off your checkbook and search for a postage stamp, check out these online IRS payment options.

Direct Pay:

Direct Pay is a web-based paym Read More >>

Lynda Doland, CPA shares an article dispelling some common myths about your tax refund:

 

 

I recently read this article, which expanded on some common myths that taxpayers often believe. I encourage you to read the article and visit the IRS’s website for more information, but the myths are listed below:

  1. “All refunds get delayed.” FALSE! It is estimated that 90% of refunds will be processed by the IRS within 21 days.
  2. “You can call the IRS t
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