Our Blog & News

This Month’s Posts:

IRS Warns Business Owners to be Careful of ERC Promoters

From IRS News - IR-2023-49 In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams. For the start of the annual...

Virtual Currency Tax Considerations

Over the past few years, we have seen a significant increase in clients trading virtual currencies such as cryptocurrencies. Investopedia defines virtual currencies as follows: “A virtual currency is a digital representation of value only available in electronic form....

Change to 529 College Plans Starting in 2024

Beginning in 2024, excess funds held in a 529 college savings plan will be eligible to be rolled over to a Roth IRA. For families who funded 529 college savings plans for their children and did not fully exhaust the accounts while utilizing the funds for qualified...

New for Amended Tax Returns

Federal amended tax returns filed electronically for tax years 2021 or later can now opt for direct deposit of requested refunds.  Previously, refunds for federal amended tax returns were only sent by paper checks.  The IRS estimates that this change will speed up the...

Quick Link to “Where’s My Refund?”

For taxpayers waiting on their federal income tax refund, the IRS link below can provide an update on the status of the tax refund:  https://www.irs.gov/refunds For taxpayers looking to get an update on the status of a federal amended tax return, the IRS link below...

Last Month’s Posts:

Upcoming Tax Deadlines in April 2023

Don’t forget – these are the upcoming tax deadlines for 2022 Individual (1040) tax returns: Saturday, April 15  Deadline to file FinCEN Form 114 for Foreign Bank and Financial Accounts (FBAR) Tuesday, April 18 Deadline to file personal (1040) tax returns for taxpayers...

Understanding Business Travel Deductions

From IRS Tax Tip 2023-15, February 7, 2023 The following information is available on a section of the IRS’ website called Current Tax Tips at: https://www.irs.gov/newsroom/irs-tax-tips.   Whether someone travels for work once a year or once a month, figuring out...