CTR Blog
IRS Unveils Program That Wipes Out a Billion Dollars in Penalties for Taxpayers
Monday, January 29, 2024      Written by Timothy Perry In a groundbreaking move, the Internal Revenue Service (IRS) has announced a game-changing initiative to forgive nearly $1 billion in late-payment penalties for millions of American taxpayers. This comes as a relief for individuals who have found themselves burde ....

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The Big 3, Equifax, Experian, & TransUnion Make Big Changes to Medical Debt Reporting
Wednesday, May 25, 2022  By Timothy Perry Equifax, Experian, and TransUnion made significant changes to the way they report (or don’t report) medical collection accounts 1.      After July 1, 2022, medical debt that was sent to collections but later paid will no longer be included on consumer credit reports ....

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Prize Scams Targeting North Carolinians - CONSUMER ALERT !
CONSUMER ALERT Watch Out for Prize Scams Targeting North Carolinians Thursday, April 14, 2022 Our office has received a report of scammers claiming to be from the North Carolina Department of Health and Human Services (DHHS) contacting North Carolinians on Facebook to try to steal their money. The scammers claim to be DHHS emplo ....

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How Long Do I Really Need To Keep My Tax Records?
Thursday, April 14, 2022 - by Timothy Perry Surprisingly, there is not a clear-cut answer to this common quandary. If you are as fanatical as the O.C.D. plagued Howard Hughes then the answer is likely forever. If you are conservatively cautious and somebody who buys a 2 million dollar insurance policy when a 1 million dollar policy might suf ....

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Money Sent From Payment Apps Like Venmo and
PayPal Will No Longer Fly Under The IRS’s Radar
Monday, February 7, 2022 By Timothy Perry The IRS hopes to cut down on tax cheating from people who earn money from “side hustles” and other kinds of work where “cash payments” are more common than more traditional forms of payments. Unlike traditional payments like credit cards and bank checks that are easier to trac ....

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Don’t file your tax returns without knowing these
Three Important Changes
Wednesday, January 27, 2022  by Timothy Perry The floodgates for filing 2021 taxes opened on January 24, 2022, and marks the third tax season significantly disrupted by the Covid-19 pandemic. The IRS Commissioner, Chuck Rettig warned us early on to prepare for a turbulent tax filing season. He said, "in many areas, we are unab ....

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IRS Announces 2021 Tax Year Filing Start Date & "Tax Day"
  On January 11th, 2022, the Internal Revenue Service announced that the 2022 tax filing season will start Monday, January 24th, 2022. The IRS will begin accepting federal income tax returns electronically and by mail for the 2021 tax year on this date. This year marks the third tax season during the coronavirus pandemic. Like with the ....

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The IRS Postpones Tax Deadline For 2020 Tax Year - What Was Not Extended.
March, 2021   By Timothy Perry The IRS has changed course and finally pushed back this year’s filing deadline considering all the recent legislation that will affect most American’s tax returns. The Internal Revenue Service has pushed back the traditional April 15th tax-filing and payment deadlines for individuals u ....

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It’s Not Too Late To Get Healthcare Insurance
Biden Re-Opens Obamacare Enrollment
March 5, 2021  By Timothy Perry   January 28, 2021 - President Joe Biden signed an executive order giving access to affordable healthcare for America’s uninsured through May 15, 2021. This package of health care-related executive orders and other initiatives, reopened the HealthCare.gov web-portal for a special three ....

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Early Bird Tax Filers Will Not Get The Worm This Year
Jan. 26, 2021  By Timothy Perry Congress approved some year-end tax changes in December as part of the COVID Relief Act that have forced the IRS to push back the start of tax filing season by over 2 weeks. The Internal Revenue’s start date is not until February 12 this year, well beyond the late January date on which they typicall ....

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When are my 2020 taxes due?
January 11th, 2021 Written by: Peyton L. Derrow   Each year, the default tax-filing deadline is April 15 (give or take a few days), and it appears that 2020 tax filings will be no exception.  Despite the IRS pushing the 2019 federal income tax filing deadline back three months for taxes due in 2020, it is uncertain that the ....

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Working remotely can affect your taxes
December 28th, 2020  By Timothy Perry When COVID-19 struck last March, many employers were thrust into a work from home model for their employees. Some of those employee’s took advantage of this newfound geographic freedom as remote workers to temporarily relocate.  In some cases, this meant the company they worked for and wh ....

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You can't pay your taxes? Do this and avoid these mistakes!
November 20, 2020 Written by Peyton L. Derrow Each year at tax time, thousands of Americans are taken aback by just how much they owe and simply can’t afford to pay. For some taxpayers, especially the self-employed this triggers a cascading effect that goes on for years and is exacerbated by outlandish penalties and interest that q ....

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CTR Featured in NC Attorney at Law Magazine
In March 2020, Carolina Tax Resolutions was featured in the NC Triangle edition of the national Attorney at Law Magazine. Our staff sat down with magazine publisher Bob Friedman to discuss what exactly we do and how we help our clients.   You can read our article "Carolina Tax Resolutions: No Magic —Just Honest and Consci ....

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COVID-19 $2 Trillion Stimulus Package Information
March 27, 2020  By Timothy Perry   COVID-19 has affected each of our lives and businesses in very different ways. Several communities have now issued stay-at-home orders, including Durham, Orange, and Wake Counties. With the help of our technology, we will be available and our phone lines will re ....

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Everything You Need to Know About Wage Garnishment
Written by Gillian Katsumi February 6, 2020     What is wage garnishment?   A wage garnishment is an order from a court or government agency that requires your employer to withhold a specific portion of your paycheck and send it directly to the creditor or person to whom you owe money. Your earnings ....

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How to Handle an IRS Audit
Written by Gillian Katsumi January 20, 2020     Only about one percent of taxpayers are audited each year, but if you're not careful, you may find yourself in that minority. If you receive an audit letter from the IRS, do not panic. Taxpayers should understand that an audit in no way implies ....

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