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Blog Author: Mike Scholz

Inflation Reduction Act: What You Need to Know About EV Tax Credits

With the President signing the Inflation Reduction Act into law in mid-August there are many important takeaways from this legislation designed to fight inflation, reduce our national deficit, help lower

The President Signs the Wide-Ranging Inflation Reduction Act of 2022

On Tuesday, August 16, 2022, President Biden has signed the Inflation Reduction Act (IRA) into law. The $740 billion bill contains many tax breaks and raises revenue through a new

IRS Mileage Rate Increased in Response to High Gas Prices

Effective July 1, 2022, the IRS has increased the 2022 standard mileage rate to 62.5 cents per mile. This is an increase of 4 cents over the rate that was

More Basis Disclosures This Year for S corporation Shareholders – Need to Complete New Form 7203 (to be Attached to 1040 Return)

In response to a renewed IRS focus on S Corporation shareholder basis issues, the IRS has developed a new tax Form 7203 that certain shareholders must include with their 2021

S Corporation and Partnership Tax Filers – You may need to complete additional schedules K-2 & K-3 to report your foreign activities (even if you have none!)

Effective for tax years beginning in 2021, the IRS will generally require new Schedules K-2 and K-3 for persons filing Forms 1065, 8865, and 1120-S.  Partnerships/LLCs and S corporations are

Keep an Eye Out for Letters from the IRS: In January 2022 the IRS will begin sending out Advance CTC & EIP Letters

If you received the 3rd Stimulus payment or Advanced Child Tax Credits this past summer – fall, the IRS will be mailing you information letters that reflect the actual amounts

Worried about ID Theft or Your SSN has been Compromised? Steps to Protect Your WI Tax Filing.

The Wisconsin Department of Revenue announced a new way for individuals to protect their Wisconsin tax accounts. The Wisconsin Identity Protection PIN prevents fraudsters from using an individual’s personal information

Where’s my IRS refund and why is it taking so long to process?

It’s almost football season, and many tax filers are still waiting for their 2020 tax refunds to arrive in the mail or their bank accounts.  If your IRS money is
calendar with "tax day" written on May 17th, 2021

REMINDER: Due dates for 2020 tax returns and the change of “Tax Day” to May 17th

Internal Revenue Service announced that the federal 1040 income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May
Wisconsin State Capitol and surrounding buildings across the lake

Good News: Wisconsin PPP Loan Forgiveness & Expense Deduction Tax Treatment Now Mirrors the Federal Rules!

On Thursday, February 18, 2021, Wisconsin Governor Evers applied his signature to AB-2 and issued a statement highlighting $480 million in tax savings included in the legislation, Wisconsin’s first new