February 2024 Newsletter… Read More
As Americans file returns this season, some worry about IRS audits amid agency efforts to ramp up service, technology and enforcement. Recent IRS enforcement has targeted high-income individuals, large corporations and complex partnerships. But everyday filers could still face an audit — and certain issues are more prone to IRS scrutiny, experts say. Read More… https://www.cnbc.com/amp/2024/02/13/here-are-some-of-the-top-red-flags-for-an-irs-audit-tax-pros-say.html… Read More
The Internal Revenue Service has revised the question it has asked in recent years about income from digital assets such as cryptocurrency on the Form 1040 for individual taxpayers this tax season and added it for the first time to tax forms for estates, trusts, partnerships and C and S corporations. “At any time during… Read More
Estate, Gift, and Trust assistance Business Owner Tax Planning Tax Bracket Maximization Social Security Advice and Maximization Executive Compensation Planning Charitable Giving Planning Family CFO Planning Changing Domicile Saving for College Real Estate Investment Planning Personal Financial Planning We usually schedule these type of meetings after April 15th, but will tackle them during tax… Read More
Tax filing season will officially begin on Monday, Jan. 29, 2024, the Internal Revenue Service said Monday. While that will be the day that the IRS begins accepting and processing returns, we can start submitting before that date. Our software will hold the electronic return submission until IRS is ready to start processing.… Read More
https://www.cbsnews.com/amp/news/irs-tax-penalty-relief-1-billion/… Read More
Laurie wants you to know about the standard mileage rate increase For 2024 IRS has set the standard mileage rate at 67 cents per mile, which is an increase of 1.5 cents from 2023.… Read More
December 2023 client newsletter… Read More
In September the IRS announced a moratorium on processing any new ERC claims because they had received a large number of claims from “ERC Mills” who were advertising and placing robocalls using questionable representations that they could get large refunds for taxpayers. Yesterday IRS announced that they were sending over 20,000 letters rejecting some of… Read More
IRS recently issued updates for certain individual income tax items. Here are the new standard deduction amounts for 2024: The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single taxpayers and married individuals filing separately, the standard deduction rises to… Read More