2023

Getting a letter from the IRS or a State government entity about a recently filed tax return makes most taxpayers nervous.  However, DON’T PANIC!!!  All government agencies send letters when there is a question about a taxpayer’s return, a change due to something in the agency’s computer

The new SECURE 2.0 Act of 2022 has many retirement-friendly options to assist with boosting taxpayer retirement savings.  One of these is the new 529-to-Roth IRA rollover transfer, which goes into effect in 2024.  There are specific rules to follow as follows: Lifetime Maximum transfer for a

For our clients who pay quarterly estimated tax payment vouchers, this is a friendly reminder the next payment is due on or before April 15, 2023.  If there has been any changes in your 2023 taxable income projections, let us know as soon as possible to determine

A final reminder to our clients that our firm’s cutoff date to receive your tax information and timely file your 2022 tax return, due on April 15, 2023, is this Wednesday, March 15, 2023.   This deadline applies to Individual (1040), C Corporations (1120 calendar year), and Trust

To our clients who file Individual (1040), C Corporations (1120 calendar year), and Trust (1041) returns, this is a friendly reminder that our firm cutoff date to receive your tax information to timely file your 2022 tax return due on April 15, 2023, is Wednesday, March 15, 2023.

To our clients who file Partnerships (1065) and S Corporations (1120-S) returns, this is a friendly reminder that our firm cutoff date to receive your tax information to timely file your 2022 tax return, due March 15, 2023, is Wednesday, February 15, 2023. If you would like your

Health Savings Accounts (HSAs) are medical savings accounts similar to IRA accounts, with attractive opportunities.  To be eligible to contribute to an HSA, you must be enrolled in a High Deductible Health Plan, as defined by the HSA rules, and if on Medicare, contributions to an HSA

The IRS reminds taxpayers that they have expanded the instructions for answering the “digital asset” question on page one of their federal tax returns.  The question must be answered “yes” or “no” even if they were not engaged in any activities involving digital assets. The link below

In late December, Congress passed an omnibus budget bill, and the President signed it into law on December 29, 2022. SECURE 2.0 was buried within this bill and contained many retirement account changes. SECURE 2.0 provides new incentives for employers to offer employees retirement plans to participate

Starting 1/1/23, the IRS has increased the business standard mileage rate as listed below: 65.5 cents per mile for business travel – up 3 cents per mile 22 cents per mile for medical – no change 14 cents per mile for charitable purposes – no change The