In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they […]
The IRS recently notified us that they are sending out notices. Why are you receiving these notices? There are a few possible answers, which Sandy Furuya discusses in her latest video.
In July 2018 the IRS announced that certain veterans who received disability severance payments after January 17, 1991 and included that payment as income should file an amended return (Form 1040X) to claim the credit or refund. This is due to the Combat-Injured Veterans Tax Fairness Act of 2016. Most veterans received a one-time lump […]
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made […]
Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications. Under the Tax Cuts and Jobs Act, employees can no longer […]
Sandy Furuya, star and president of Wamhoff Accounting Services, tells you everything you need to know about the marriage penalty. Does is it still exist? How should you file? Wamhoff is here to answer your tax questions and concerns.