IRS Announces Penalty Relief
August 25, 2022Penalty Relief Now Offered By IRS for Late Filers The Internal Revenue Service announced it is providing penalty relief to most individual and business taxpayers who filed their 2019 or 2020 returns late due to the COVID pandemic, while refunding $1.2 billion in penalties to nearly 1.6 million taxpayers who filed late. They issued Notice… Read more »
Difference Between C Corp and S Corp
August 19, 2022Learn the Difference Between a C Corp and S Corp According to business law firm in Schaumburg, there are two main types of business structures: the C corp and S corp. Both have unique benefits and drawbacks. So how do you know which is right for your business? This article will discuss the differences between… Read more »
The Basics About Copyright Infringement
August 12, 2022What You Need to Know About Copyright Infringement The copyright law of the United States has a long and complicated history, dating back to colonial times. It was established as federal law with the Copyright Act of 1790. This act was updated many times, including a major revision in 1976. Over 150 years ago, Thomas… Read more »
Is Build Back Better Born Again?
August 03, 2022Looking at Build Back Better – Part 2 In a surprise to most everyone, Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-West Virginia, announced the Inflation Reduction Act of 2022 (or is it Build Back Better Redux), a proposed reconciliation bill. Manchin is known for blocking previous attempts to pass Build Back… Read more »
Investors Nearing Retirement Can Unlock Real Estate Wealth
July 13, 2022Unlocking real estate wealth for investors nearing retirement Individuals or investors nearing retirement face the challenge of having wealth trapped in investment properties with no real strategy to maintain their wealth and create passive income. These individuals need a plan to ease the steep taxes on capital gains when their investment properties are sold. There’s… Read more »
IRS Simplifies Extend Time for Tax Exclusion
July 13, 2022Extend Time for Tax Exclusion Updated The Internal Revenue Service has posted a revenue procedure to give widows and widowers the ability to file for an extension of time on a tax exclusion beyond the fifth anniversary of their spouse’s death. Revenue Procedure 2022-32, released Friday by the IRS, provides a simplified method for certain… Read more »
Welcome Ben Hurwitz, CPA to AJM&A, Ltd.
June 24, 2022AJM&A, Ltd. Welcomes Ben Hurwitz, CPA Our commitment to better serve our clients shows as we add friend and colleague Benjamin A. Hurwitz as a CPA to our team. Adding a CPA enables us to provide an additional level of expertise for individuals and businesses in areas of accounting, tax planning and compliance. A CPA… Read more »
Getting Ready for College with the Right Legal Documents
June 24, 2022Legal Documents – Are you Ready to Send Your Child to College? If you have a student going off to college for the first time or already living away at school, be sure you have certain important documents in place. Specifically, a medical power of attorney and a HIPAA release for college students. These key… Read more »
Is the IRS Auditing More Wealthy Taxpayers?
June 24, 2022The Internal Revenue Service issued a statement that it is auditing tax returns for the highest-earning taxpayers much more aggressively than it has in the past decade. Reports on IRS auditing comes amid sharp criticism from Congress over lagging audit numbers. There seems to be a disconnect between the IRS reports and the Government Accountability… Read more »
IRS Backlog Update for 2022-Returns are being processed!
June 24, 2022IRS Backlog Update for 2022-Returns are being processed! The IRS is still digging through millions of unprocessed tax returns. The IRS backlog, created by years of budget cuts, understaffing, pandemic-related office closures and added duties, should be resolved before December according to IRS Commissioner Charles Rettig. In a statement issued June 2022, the IRS said… Read more »