In a recent announcement, the Internal Revenue Service (IRS) extended a helping hand to individuals and businesses grappling with the aftermath of severe storms, flooding, and potential dam breaches in parts of Connecticut. Affected taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make necessary payments. This …
In order to save employees from unforeseen financial challenges, the Internal Revenue Service (IRS) recently issued initial guidance on Pension-Linked Emergency Savings Accounts (PLESAs). As part of the SECURE 2.0 Act of 2022, PLESAs offer a strategic approach to financial preparedness, and Crystal Clear Tax is here to guide you through the intricacies of this …
IRS Takes the Lead in Directing Employers on Emergency Savings Accounts Implementation Read More »
In the tax resolution world, the Offer in Compromise (OIC) is like a helping hand for people dealing with big tax bills. But, the 36% acceptance rate can make tax professionals worry. They often ask, “Will my client’s OIC actually get accepted?” Here at Crystal Clear Tax, we make understanding OICs easy. We explain how …
Offer in Compromise (OIC) Success Blueprint: Crystal Clear Tax’s Guide to IRS Approval Read More »
As the calendar turns towards tax season, it’s time for employers and independent contractors to heed the reminders from the IRS. The key date to mark on your calendar is January 31 – the deadline for submitting crucial wage statements and forms for independent contractors. W-2s and 1099s: The January 31 Deadline Employers must ensure …
Mastering Tax Season: Essential Tips for Employers and Independent Contractors Read More »
Are you a CPA or a tax professional looking to take your career to the next level? The world of IRS tax resolution services and the coveted title of Enrolled Agent (EA) might be the perfect next step for you. At Crystal Clear Tax, we’re here to provide you with a comprehensive guide to becoming …
Your Roadmap to Success: A Practical Guide to Becoming an Enrolled Agent Read More »
Hey there, tax enthusiasts! Ready or not, the 2024 tax season is right around the corner, with the IRS officially launching on January 29, 2024. The tax dance begins, and Crystal Clear Tax is here to guide you through the rhythm of this filing season, ensuring a smooth and stress-free experience. A Heads Up: January …
2024 Tax Season Kickoff: What to Expect and How Crystal Clear Tax Can Help Read More »
Maximizing Your Retirement Giving: A Guide to Qualified Charitable Distributions **Understanding the Benefit** The Internal Revenue Service (IRS) offers an appealing opportunity for individual retirement arrangement (IRA) owners aged 70½ or over. They can transfer up to $100,000 tax-free each year to their favorite charity through qualified charitable distributions (QCDs). This not only serves as …
Maximizing Your Retirement Giving: A Guide to Qualified Charitable Distributions Read More »
The IRS has announced key inflation adjustments for the tax year 2024, which will impact tax returns filed in 2025. Here are the significant changes: 1. **Standard Deduction Increases**: For married couples filing jointly, the standard deduction is up by $1,500 to $29,200. For single taxpayers and those married filing separately, it rises to $14,600, …
Something to keep in your back pocket for tax year 2024 Read More »
**Subject: Important Advisory: Recognizing and Reporting Abusive Tax Schemes** Dear Valued Clients, As part of our ongoing commitment to keeping you informed and safeguarding your financial health, we at Crystal Clear Tax want to address a critical issue: abusive tax schemes. **Understanding Abusive Tax Schemes:** Abusive tax schemes are illegal arrangements that claim to reduce …
Important Advisory: Recognizing and Reporting Abusive Tax Schemes Read More »
**IRS Announces New Initiatives and Improvements Post Inflation Reduction Act** The Internal Revenue Service (IRS) has recently unveiled several new initiatives and improvements, following a successful 2023 filing season bolstered by the Inflation Reduction Act (IRA) investments. These steps are aimed at enhancing enforcement against non-compliance by high-income individuals, large corporations, and complex partnerships, while …
IRS Announces New Initiatives and Improvements Post Inflation Reduction Act Read More »
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