Neighborhood Assistance Program FAQs

Individuals, businesses, and other entities can claim valuable tax credits through Virginia’s Neighborhood Assistance Program (NAP) to lower their state tax liability and make an impact on their local community. For organizations, the application window closes on July 1.

2022-08-04T13:23:07-04:00June 1, 2022|Categories: Not-for-Profit, Tax: Business, Tax: Credits & Incentives, Tax: Individual|Tags: |

New Rules for Inherited IRAs

For many years, beneficiaries of inherited IRAs were permitted to withdraw the balances over their life expectancies. Then, the SECURE Act largely eliminated this tax deferral opportunity. Its effective date of December 31, 2019 could be called “The Day the Stretch IRA Died”.

2022-03-28T15:00:17-04:00March 28, 2022|Categories: Tax: Individual|Tags: , , |

4 Solutions That Could Help the IRS Better Serve Taxpayers

It’s been more than 100 years since the first Form 1040 was introduced. Fast forward to 2022 and this tax season is on track to be the worst ever. So, why is the agency so far off its game and what are the potential solutions?

2022-02-23T13:20:41-05:00February 23, 2022|Categories: Tax: Business, Tax: Individual|Tags: |

S-Corporation Shareholders May Need to File Form 7203 with 2021 Taxes

For the first year, some S-corporation shareholders will be required to include Form 7203 with their individual or trust tax returns. With shareholder basis continuing to be a major IRS audit focus, shareholders need to make sure they are consistently tracking their basis on Form 7203 with all the required annual adjustments.

2022-06-15T16:15:09-04:00February 17, 2022|Categories: Tax: Business, Tax: Individual|Tags: |

Watch for New Letters from the IRS — and Keep Them!

The IRS is sending taxpayers new letters about the 2021 Economic Impact Payments and Advanced Child Tax Credit payments. The letters contain information necessary for calculating your tax refund correctly.

2022-02-08T12:33:50-05:00January 5, 2022|Categories: Tax: Individual|Tags: , |
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