IRS Increased Funding-What This Means For Taxpayers
Article: IRS Increased Funding-What This Means for Taxpayers Category: IRS Fearmongering language has been popping up from some public figures regarding the new Congressional bill allotting $79.6 million dollars to the IRS. We will outline what this bill does and, more importantly, does not mean. One: The IRS is Not Bringing Guns to Middle Income […]
Read MoreTax Season 2021: An Even Crazier Version Of 2020
Article: Tax Season 2021: An Even Crazier Version of 2020 Jessica I. Marschall, CPA President & CEO Marschall Accounting Services LLC Hold on tight—this is a long article. Skip around for sections pertaining to your personal tax situation or read in its entirety, possibly at bedtime to combat insomnia. Many CPA and tax firms have closed […]
Read More1099-K Subcontractor And Gig Income
Article: 1099-K Subcontractor and Gig Income Important Tax Information Jessica I. Marschall, President Marschall Accounting Services LLC May 30th, 2022 n early 2022, many people received 1099-K forms from companies such as Venmo, Paypal or other Payment Settlement Entities (PSE). These forms report total funds received through the PSE platform. They do not always translate into taxable income […]
Read MoreSEP And SIMPLE Plans-The Basics
Article: SEP and SIMPLE Plans-The Basics Jessica I. Marschall, CPA President Marschall Accounting Services LLC SEP and SIMPLE plans enable small business owners to invest in plans similar to a larger company’s 401(k) plan. SEP PLANS SEP or Simplified Employee Pension Plan allows employers to create retirement accounts for themselves and their employees. Pros of a SEP: […]
Read MoreAudited? What Comes Next
Article: Audited? What Comes Next Category: 1040 income tax Jessica I. Marschall, CPA President Marschall Accounting Services LLC The day’s mail arrives and, with it, a dreaded letter from the IRS. A taxpayer’s return has been selected for examination or the dreaded A-word AUDIT. The IRS does not provide reasons as to why a return is […]
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