Accountable Consulting LLC

Tax season opens January 24, 2022, amidst the continuing Covid-19 pandemic and IRS staff shortages. Early filing and accurately prepared returns will minimize processing refund delays. Given IRS' understaffing, it is more important than ever for taxpayers to have their returns professionally prepared.

Another Rough Tax Season for IRS and Taxpayers? This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has a backlog of prior year returns to process and is plagued by staff sh...

Since the IRS only estimated the amount of the advance child tax credit payments made from July through December, some taxpayers may have received too much and others not enough. Thus, the advance child tax credit, as well as the economic impact payments, received in 2021 must be reconciled on the 2021 tax return with the amounts that each taxpayer is entitled to.

Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. For the 2021 tax year the American Rescue Plan increased the cre...

A reverse mortgage allows homeowners who are at least 62 years old to borrow against the equity in their home, and the loan is not due until the homeowner passes away or moves out of the home. The loan's proceeds, which aren't taxable, can be taken as a lump sum, a line of credit, or equal monthly payments. The mortgage interest may or may not be deductible.

Tax Treatment of Reverse Mortgages With inflation on the rise and medical care costs escalating, what options do seniors have for keeping up, especially if they have a mortgage on their home and their retirement income is only barely covering their mortgage payments and other necessities, with little left over for some enjoyment in t...