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Protect important records from natural disaster: The IRS urges you to secure vital tax and financial documents before disaster strikes. Torkelson & Associates CPAs can help you prepare—contact us for support.

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.

Avoid tax season stress and penalties—learn how IRS electronic payment options can help you pay securely and on time. Torkelson & Associates can assist.

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.

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.

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 this tax season with an Identity Protection Personal Identification Number (IP PIN) from the IRS.

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.

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.

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.

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

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 […]

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 […]

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-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.

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 […]