Quality Returns, Inc.

Late IRS update on new overtime, senior, tips and auto interest deductions.

IRS published schedule taxpayers will use to claim deductions on no tax on tips, no tax on overtime, no tax on car loans, no tax on seniors | Internal Revenue Service IR-2026-28, March 2, 2026 – The Internal Revenue Service published, for tax year 2025, a new schedule that taxpayers will use to realize important tax benefits of the One, Big, Beautiful Bill, including no tax on tips, no tax on overtime, no tax on car loans, and no tax on seniors.

2025 tax filing season starts as IRS begins accepting tax returns today; taxpayers have many options for help | Internal Revenue Service IR-2025-18, Jan. 27, 2025 — The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns.

The DOJ has already appealed. Quality Returns is recommending that you still file even though the Treasury will be suspending fines until the injunction is lifted.

Court Blocks Corporate Transparency Act — A Win For Federalism? Updated A U.S. District Court in Texas issued a nationwide preliminary injunction against the Corporate Transparency Act, citing constitutional concerns and significant compliance burdens.

Remember that the initial BOI information statement for most required clients is due by 1/1/2025. Penalties are stiff for non compliance. Either go to https://fincen.gov/boi to self prepare or call our office if you would like Quality Returns to prepare your firms BOI. Next week we will be mailing to all our clients that are required to file a BOI statement an engagement letter with details about the BOI requirement. Quality Returns is requiring all of our required BOI clients sign an engagement letter whether or not you plan on using Quality Returns to file the BOI statement. Quality Returns will be following up with an email to all clients who don’t respond with another engagement letter with the ability to DocuSign. All our clients can use the DocuSign to complete the engagement letter. Please call or email us at [email protected] to sign the engagement letter via DocuSign.

Attention Small Business Owners A final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA) was issued in September 2022. These regulations go into effect on January 1, 2024. Beneficial ownership information will not be accepted prior to January 1, 2024.

News on the ERC fight to receive IRS refunds for Small Businesses.

IRS Is 'Daring People to Sue' Over Pandemic Credit Crackdown IRS efforts over the past year to clean up an embroiled tax credit program have put companies seeking long-delayed payments in a position they’re trying to avoid—going to court.

ERC News

IRS moves forward with Employee Retention Credit claims: Agency accelerates work on complex credit as more payments move into processing; vigilance, monitoring continues on potentially improper claims | Internal Revenue Service IR-2024-203, Aug. 8, 2024 — The Internal Revenue Service announced today additional actions to help small businesses and prevent improper payments in the Employee Retention Credit (ERC) program, including accelerating more payments and continuing compliance work on the complex pandemic-era credit ...

Did you receive a penalty on your tax account? If so, there are many reasons why this may have occurred. is here to help you understand why this happened and what your next steps should be. Learn more: https://ow.ly/UGLq50SkhZl

We have been seeing a lot of these CP14 notices from our clients. Please note that the IRS is looking into the issue and states to hold off on any action.

IRS Statement on balance due notices (CP14) | Internal Revenue Service June 12, 2024 — The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return.

Consumers should be aware that there may be unscrupulous health insurance brokers who enroll you in the ACA without your knowledge. It could have severe tax consequences.

When rogue brokers switch a person's ACA health insurance, tax surprises can follow Some tax filers' returns are being rejected because they failed to provide information about Affordable Care Act coverage they didn't even know they had.

Self-employed people, including persons in the gig economy, often need to pay in quarterly installments.
Don’t miss the April 15 estimated tax deadline.

See: https://ow.ly/QBnZ50R9CGa

Reasonable compensation for S-Corp officers is a topic that often comes up in conversations with our clients. This blog brings up important points S-Corps should be aware of.

What if an S Corp Owner can’t afford to pay Reasonable Compensation? Reasonable Compensation is derived from the value of the services provided, not the profit or loss of the business. Let’s take a look at a few examples so we can better understand the issue