Cardinal CPA Group

10 Tax Deductions the IRS Will Slap Down Fast While there have been several unusual deductions that were approved by the courts or the IRS, here are 10 that didn’t make the grade.

Trump Accounts are a new benefit under the Working Families Tax Credits, with tax-deferred contributions up to $5,000 per year. Learn more from the to get ready for the 2026 tax filing season: https://ow.ly/KcUg50XBVuX

The IRS is eliminating paper check refunds—are you ready for the shift? This change impacts tax professionals and client expectations. Learn what’s driving the move and how to prepare your practice for a smooth transition. Read more: https://ow.ly/FXZn50Xul3E

FinCEN provides time estimates for compiling beneficial ownership details FinCEN estimates that most companies will have a simple structure that will require 90 minutes per response, but complex entry filings will require much more time.

There’s more to determining filing status than being married or single, and you may fit more than one status. As you for the upcoming filing season, take the time to get to know the five filing statuses and determine which makes the most sense for you. To learn more, check out this Tax Tip: http://ow.ly/wFpX50LNNSB

Friday, Oct. 15 is almost here. If you filed an extension, remember to file your 2020 tax return by the deadline.

Free File is available through Oct. 15.

For more info, click here:
https://go.usa.gov/xMTrM

Guidance issued on 2021 qualified sick and family leave wage reporting Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.

For 2021, you can figure the Earned Income Tax Credit using your 2019 income if it was higher than your 2021 income. This may give you a larger credit.

Click here to find out more: https://go.usa.gov/x64JX.

The IRS is expected to offer an online tool to opt out of the advance payments later this month.

Roughly 39M households in the U.S. will automatically get monthly payments of the Child Tax Credit starting on July 15, 2021. Learn more from IRS at: https://go.usa.gov/xHeUu