Effective January 1, 2024, Maine has mandated a retirement plan opportunity for Maine employees, introduced as the Maine Retirement Investment Trust (MERIT). Employers should expect to receive notification from the program in early 2024 with information on registration and compliance.
Maine Retirement Investment Trust (MERIT)
The Corporate Transparency Act
The Corporate Transparency Act (CTA), which goes into effect in January 2024, will require your business to report information about ownership to the Government.
The CTA is not a part of the tax code; instead, it is a part of the Bank Secrecy Act, a set of federal laws that require record-keeping and report filing on certain types of financial transactions.
Taxpayers with an outstanding tax bill should consider an Offer in Compromise
IRS Tax Tip 2022-159, October 18, 2022
An Offer in Compromise can be an effective way individuals and businesses to settle federal tax debt. This federal program allows taxpayers to enter into an agreement, with the IRS, that settles a tax debt for less than the full amount owed.
Taxpayers should stay on top of taxes all year to avoid a surprise tax bill
IRS Tax Tip 2022-158, October 17, 2022
The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-go, it’s important for taxpayers to withhold enough from their paychecks or pay enough in estimated tax.
IRS warns taxpayers to stay vigilant as texting scams surge
IRS Tax Tip 2022-155, October 11, 2022
October is Cybersecurity Awareness Month. The IRS and the Security Summit partners warn everyone to be on the lookout for scams and schemes that could put sensitive tax data at risk, especially IRS-themed texting scams aimed at stealing personal and financial information.
An IRS online account is simple, safe, and secure
Tax Tip 2022-153, October 5, 2022
An IRS online account makes it easy for people to quickly get the tax planning info they need. With the same ease that taxpayers have when banking online or placing an online shopping order, they can log in and get the latest on their payment history, balance, and more.
Understanding taxes when a family member signs the paycheck
Tax Tip 2022-151, October 3, 2022
Many people work for a family member, whether it's a child helping out at their parent's shop or spouses running a business together. When someone is employed by a family member, the tax implications depend on the relationship and the type of business.
Every taxpayer has the right to retain representation when working with the IRS
IRS Tax Tip 2022-143, September 19, 2022
Taxpayers have the right to retain an authorized representative of their choice to represent them when they are dealing with the IRS. They also have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation.
Know what’s deductible after buying that first home, sweet home
IRS Tax Tip 2022-138
Making the dream of owning a home a reality is a big step for many people. Whether a fixer-upper or dream home, homeownership is a milestone that can come with a learning curve. First-time homeowners should make themselves familiar with authorized deductions, programs that can assist with home ownership and the use of housing allowances that can be beneficial.
From markers to face masks, classroom supplies may be tax deductible
COVID Tax Tip 2022-118
Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes.
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