H.J. Consulting, LLC

03/25/2024

01/18/2023

Uh oh...

The accountant shortage is so acute, small and midsize firms are ditching audits and hiring overseas

01/18/2023

IR-2023-06: IRS Free File launch aims to save taxpayers hard-earned dollars Internal Revenue Service (IRS) sent this bulletin at 01/17/2023 10:01 AM EST IRS Newswire January 17, 2023 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nati...

10/22/2022

Useful tool to make sure you are having the right amount withheld.

Check your tax withholding with the IRS Tax Withholding Estimator, a tool that helps ensure you have the right amount of tax withheld from your paycheck.

10/22/2022

The federal government collected a record $4,896,119,000,000 in total taxes in fiscal 2022 (October 2021 through September 20220), according to the Monthly Treasury Statement released today.

04/01/2020

Employee Retention Credit available for many businesses financially impacted by COVID-19

Issue Number: IR-2020-62

Inside This Issue

IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19
WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
Does my business qualify to receive the Employee Retention Credit?
The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.
Qualifying employers must fall into one of two categories:

The employer’s business is fully or partially suspended by government order due to COVID-19 during the calendar quarter.

The employer’s gross receipts are below 50% of the comparable quarter in 2019. Once the employer’s gross receipts go above 80% of a comparable quarter in 2019, they no longer qualify after the end of that quarter.

These measures are calculated each calendar quarter.
How is the credit calculated?
The amount of the credit is 50% of qualifying wages paid up to $10,000 in total. Wages paid after March 12, 2020, and before Jan. 1, 2021, are eligible for the credit. Wages taken into account are not limited to cash payments, but also include a portion of the cost of employer provided health care.
How do I know which wages qualify?
Qualifying wages are based on the average number of a business’s employees in 2019.
Employers with less than 100 employees: If the employer had 100 or fewer employees on average in 2019, the credit is based on wages paid to all employees, regardless if they worked or not. If the employees worked full time and were paid for full time work, the employer still receives the credit.
Employers with more than 100 employees: If the employer had more than 100 employees on average in 2019, then the credit is allowed only for wages paid to employees who did not work during the calendar quarter.
I am an eligible employer. How do I receive my credit?
Employers can be immediately reimbursed for the credit by reducing their required deposits of payroll taxes that have been withheld from employees’ wages by the amount of the credit.
Eligible employers will report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns or Form 941 beginning with the second quarter. If the employer’s employment tax deposits are not sufficient to cover the credit, the employer may receive an advance payment from the IRS by submitting Form 7200, Advance Payment of Employer Credits Due to COVID-19.
Eligible employers can also request an advance of the Employee Retention Credit by submitting Form 7200.
Where can I find more information on the Employer Retention Credit and other COVID-19 economic relief efforts?
Updates on the implementation of this credit, Frequently Asked Questions on Tax Credits for Required Paid Leave and other information can be found on the Coronavirus page of

Get Coronavirus Tax Relief Get Your Refund Status Do Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Get Answers to Your Tax Questions Apply for an Employer ID Number (EIN) Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information A...

03/31/2020

What you need to know

Internal Revenue Service (IRS) sent this bulletin at 03/30/2020 06:31 PM EDT

IRS NewswireMarch 30, 2020

Issue Number: IR-2020-61

Inside This Issue

Economic impact payments:
What you need to know
Check IRS.gov for the latest information: No action needed by most people at this time
IR-2020-61, March 30, 2020
WASHINGTON – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.
How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
I am not typically required to file a tax return. Can I still receive my payment?
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.
How can I file the tax return needed to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.
I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
Where can I get more information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.

Get Coronavirus Tax Relief Get Your Refund Status Do Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Get Answers to Your Tax Questions Apply for an Employer ID Number (EIN) Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information A...

01/31/2011

Tax fact of the day....Even the easiest tax form to complete, the 1040EZ, comes with a mere 33 pages of directions.