- President Biden’s American Families Plan Would Give IRS Authority to Regulate Tax Preparers
- Along with benefits for children and families, the American Families Plan also proposes changes to the Treasury and expanded authority over tax preparers for the IRS.
- Video tip: New Benefits for American Education in Biden's Proposed Plan
- Biden's newly proposed American Families Plan may bring great opportunities for students and teachers in higher educations. Watch the video for details.
- Are You at Risk for A Trust Fund Penalty?
- When an employer withholds Social Security and income taxes from an employee, those funds are the property of the government, and the employer must hold those funds in “trust” until the funds are turned over to the government. Failure to do so could lead to the so-called trust fund penalty, which is equal to 100% of the withholding from the employees’ wages. The penalty applies to any willful failure to collect, account for and pay over Social Security and income taxes required to be withheld from employee wages.
- Unpaid Debt Taking Your Tax Refund?
- We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just tax-related debts. The Treasury Department’s Bureau of the Fiscal Service (BFS) issues federal tax refunds, and Congress authorizes BFS to reduce your refund through its Treasury Offset Program (TOP) to pay:
- Video tip: 100% Business Meal Deductions
- Congress is giving a 100% business meal tax deduction for 2021 and 2022 to support the Restaurant Industry. Watch this video for details.
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