Entries by admin-wxc

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Home Values Up 11.6% Over Last Year

Seemingly endless demand and low supply have driven record-breaking home value appreciation over the past year, Zillow’s latest Market Report shows. Data from April pushed the envelope even further: Annual home value growth for a typical U.S. home is 11.6%, the highest seen since 2005. Today’s rapid rise in prices may recall that of the mid-2000s, stoking […]

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IRS urges caution with email, social media and phones

WASHINGTON — The Internal Revenue Service today continues its “Dirty Dozen” scam series with a warning to taxpayers to watch out for unexpected schemes in the form of emails, text or social media messages and phone calls. Unscrupulous individuals seek to obtain personal information for the purpose of tax-related identity theft. Whether through a telephone call, text […]

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IRS release state-by-state data on third round of Economic Impact Payments

WASHINGTON — The Internal Revenue Service and the Treasury Department released information today detailing how many people in each state received the third round of Economic Impact Payments through early June. The new details, available at SOI Tax Stats – Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Statistics, are through June 3 and provide a look […]

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IRS sending more than 2.8 million refunds to those who already paid taxes

WASHINGTON —The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income. IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million […]

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Two Thirds of Small Business Fear Inflation Will Hurt Recovery

The Alignable Inflation Poll, conducted among 7,735 small business owners from 4/24/21 to 5/5/21, shows that more than two out of three small business owners (67%) are concerned that inflation will hurt their ability to recover. And 38% of small business owners say they’re “highly concerned” about inflation. A few weeks ago, many reported renewed […]

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Interest rates remain the same for the third quarter of 2021

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021. The rates will be: 3% for overpayments (two (2) % in the case of a corporation), 0.5% for the portion of a corporate overpayment exceeding $10,000, 3% for underpayments and 5% for […]

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IRS provides guidance for continuation health coverage

WASHINGTON — The Internal Revenue Service today provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Notice 2021-31 PDF provides guidance for employers, plan administrators, and health insurers regarding the new credit available to them for providing continuation health […]

File taxes now to get refund or cut penalties and interest

WASHINGTON — The Internal Revenue Service reminds taxpayers who missed the recent tax-filing deadline who are due a refund that there is no penalty for filing late. Those who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest. Extra time to file and pay any taxes due […]