Get a "Failure to File" Notice from the NC Department of Revenue? The NC Department of Revenue has acknowledged that many of these notices are errors. Should you receive a notice of any sort about tax payments or penalty payments, please call our office for assistance before paying. We can help you identify whether or [...]
Get a letter or notice from the IRS? The IRS mails letters or notices to taxpayers for a variety of reasons including if the tax payer has a balance due, or if the agency has a question about their tax return. If you receive a letter or notice from the IRS, do not ignore it. [...]
The IRS announced on Monday, May 17th that approximately 39 million American families will be eligible for monthly payments of up to $300, thanks to the newly expanded child tax credit that will start on July 15. Eligible families qualify for up to $300 per month for each child younger than 6 and up to [...]
Presented by Matt Glova and the LifeTime Asset Management team: Weekly Market Update, April 19, 2021 We saw mild flattening of the yield curve last week as longer-dated yields declined. Despite positive economic data, the drop occurred as foreign buyers, particularly from Japan, purchased bonds and drove yields down. The 10-year Treasury yield remained flat, [...]
If your child was in college during the pandemic, you may have received a refund for tuition, fees, or room and board. Which was probably a relief! But if you used money from a 529 college savings account to pay the tuition/fees, then you may need to put that refund back into the 529 account [...]
Matt Glova has been named to Forbes’ Best–in–State Wealth Advisors list for 2021. The list is published on forbes.com/best-in-state-wealth-advisors. Each advisor—selected by SHOOK Research—is chosen based on an algorithm of qualitative and quantitative criteria, including: in-person interviews; industry experience; compliance records; revenue produced; and assets under management. “I am pleased to have been named to [...]
If you received PPP funds and have NOT yet applied for PPP loan forgiveness, please review these updates: Eligible paycheck protection expenses are NOW deductible (the loan is not income) Whether or not your PPP loan is forgiven will affect your 2020 NC tax return and may require an extension of your return If you [...]
Our team at LifeTime Tax Management has noticed that many of our clients are receiving notices from the IRS. The IRS data systems are set up to automatically send notices when payments or returns have not been posted to an account by a certain date. However, the IRS is currently very far behind in processing, [...]
Congress has reached a deal for another coronavirus relief bill which is expected to be signed today by the President. The new bill will provide for additional relief / stimulus payments to be issued as early as next week and on into 2021. If you have previously received your 2019 refund by direct deposit, you [...]
From the team at LifeTime Tax Management. With year-end approaching, this is the time of year we suggest possible year-end tax strategies for our clients. But since there has never been a year quite like 2020, we think it is safe to say that year-end tax planning is going to be the trickiest in recent [...]
