IRS Online Account login page on an iMac screen in a modern home office setup.

IRS Reminds Taxpayers: Create or Access Your IRS Online Account Today

The IRS is reminding taxpayers to create or log into their IRS Online Account before tax season. Learn why it matters and how Torkelson & Associates can help.
Close-up of a person using a credit card and laptop to make a secure online IRS payment. Image illustrates IRS electronic payment options during tax season.

IRS Encourages Taxpayers to Utilize Electronic Payment Options

Avoid tax season stress and penalties—learn how IRS electronic payment options can help you pay securely and on time. Torkelson & Associates can assist.
IRS tax forms with a sticky note reading 'Tax time!' clipped to the corner, symbolizing the urgency of tax filing deadlines.

IRS Wage Statement and 1099-NEC Deadline: Submit by January 31

The IRS wage statement and 1099-NEC deadline is January 31. File W-2, W-3, and 1099-NEC forms on time to avoid penalties. Learn about e-filing and extensions.
Retirement planning reminder with an alarm clock, a jar of coins, and a wooden figure next to a house model, highlighting the importance of meeting RMD deadlines.

Required Minimum Distributions: Don’t Miss the Deadline

Retirees aged 73 and older must take their Required Minimum Distributions (RMDs) by year-end to avoid penalties. Learn about new SECURE 2.0 updates and IRS guidelines for compliance.

Estimated Taxes Guide for Self-Employed & Small Businesses

Learn how to manage estimated taxes with this comprehensive guide. Whether you’re self-employed or a small business owner, Torkelson & Associates can help simplify your tax journey.
Protect Your Identity text on a notepad with a calculator and financial charts in the background.

Secure Your 2025 Tax Return with an IP PIN

Protect your identity this tax season with an Identity Protection Personal Identification Number (IP PIN) from the IRS.
An open planner with a smiley face sticky note, pen, pencil, a USB drive, an orange, calculator, and papers on a wooden surface.

End-of-Summer Tax Checkup: Avoid Surprises Next Year

As summer comes to an end, it’s the perfect time for a tax checkup. At Torkelson & Associates CPA, we emphasize the importance of reviewing your tax withholding and payments to avoid surprises next year.
Letters of the alphabet ERC or with the word Employee Retention Credit.

IRS Warns Businesses of New Red Flags in ERC Claims

With the IRS ramping up compliance efforts on Employee Retention Credit claims, it’s crucial for businesses to review their filings. Learn about the new warning signs and what steps to take if your business may be at risk.
A collection of 2019 tax documents, a pen, and an open mileage logbook displaying handwritten entries photographed by Olga DeLawrence

IRS Reopens Voluntary Disclosure Program for ERC

The IRS has reopened its Voluntary Disclosure Program for businesses with questionable Employee Retention Credit claims. This limited-time opportunity allows businesses to correct improper claims and avoid future audits and penalties. Learn more about how to take advantage of this program before the November 22 deadline.
A man carrying a solar panel towards a building under construction.

Qualify for Home Energy Credits in 2024 with these Home Improvements

Learn how making energy-efficient updates to your home can qualify you for valuable home energy credits. Torkelsons & Associates explains the benefits and requirements.

A tax-smart way to develop and sell appreciated land

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including […]

Advantages and disadvantages of claiming big first-year real estate depreciation deductions

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section […]

Education benefits help attract, retain and motivate your employees

One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits so that team members can improve their skills and gain additional knowledge. An employee can […]

Tax To Do’s for newly weds

Tax to-dos for newlyweds to keep in mind

Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they tie the knot.
2023 limits need hsa company money log resources audit family plan year

2023 limits for businesses that have HSAs — or want to establish them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet […]

Tax Time Guide 2025: Essentials for Filing a 2024 Tax Return

Prepare for tax season with the IRS Tax Time Guide 2025. Learn about filing requirements, necessary forms, e-filing options, and potential credits and deductions.
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