Starting in July of 2021, qualifying families with children ages 17 and under will start receiving monthly child tax credit (CTC) payments from the Internal Revenue Service (IRS). The American Rescue Plan Act (ARPA) expanded the child tax credit when it was signed into law this spring. All the details haven’t been completely worked out, so we will keep this blog post updated as more information is available.

As it stands right now, here are the important points to be aware of: Read More >>

Alternative minimum tax (AMT) is essentially a base-level percentage an individual taxpayer or S-corporation must pay the IRS, regardless of the credits and deductions they are entitled to. Contractors need to be especially mindful of AMT, as it can have a major effect on tax liability.

Long-Term Contracts and AMT

When reporting regular tax calculations, contractors that have average gross receipts under $25 million are able to account for their long-term contracts us Read More >>

Filing income taxes when you are self-employed can present a different set of considerations and challenges than working for an employer. Planning ahead and staying organized will help you stay on top of your tax responsibilities while you build your business.

Am I Considered Self-Employed?

The IRS has three different categories for self-employed individuals:

  • Sole proprietor or independent contractor of a trade or business
  • Member of a partnership that carries on a tra
Read More >>

College and university students should be on alert for an IRS-impersonation scam targeting educational institutions, including anyone with a .edu email address.

The phishing scam sends the recipient an email that looks like it comes from the IRS and has a subject line like “Tax Refund Payment” or “recalculation of your tax refund payment”. There is a link in the email for the recipient to click and submit a form, supposedly for their refund.

The link, however, does not go to t Read More >>

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 >>

On December 27, 2020, President Donald Trump signed the Consolidated Appropriations Act, 2021 (H.R. 133) into law.  Below are the significant individual and business provisions.

Extension of Unemployment Insurance Compensation Benefits

An 11-week extension of unemployment insurance benefits.  This will provide an additional $300 per week along with state unemployment insurance.

Stimulus Checks to Individuals

Similar to the first round of stimulus checks fro Read More >>

Gwyn Broski is a supervisor in the tax department at Corrigan Krause. Update from Scott Serfozo, supervisor in the tax department at Corrigan Krause.

 

Marriage is an exciting time for couples however, along with most life changes; your tax situation also changes. It is important to understand basic tax considerations and consequences for newlyweds. This article explains some of the changes that will affect your tax filings after “I do.”

When filing an income tax ret Read More >>

Chris Eichmuller, CPA is a senior manager at Corrigan Krause.

In 2019, we learned about revolutionary new methods of cleaning and organizing our homes and workspaces. We here at Corrigan Krause do not recommend throwing away everything that does not spark joy – as that would likely make your 2020 tax season even more difficult than it needs to be! Here are a few more tips for making your 2020 tax return preparation smoother:

1. Find a home for your documents.

This could be Read More >>