Who is affected: Most Businesses The Corporate Transparency Act (Act), passed as part of Secure 2.0 requires businesses to report the beneficial owners of the business. While there are a few exceptions, the rule, which is phasing in during 2024, impacts shareholders, partners and owners of regular corporations, S Corporations, partnerships and small businesses including… Read More
Who is affected: Anyone that sells online or transfers funds to another using an app or other forms of making payments from one party to another. Form 1099-K is used to report funds transferred via third party payment processors, such as credit card processors, PayPal, Venmo and others. It is filed by the processor and… Read More
Who is affected: Everyone that is required to file a tax return. If you owe tax and don’t file an extension, you are subject to a f Failure to File Penalty. Here is how that is calculated: The Failure to File Penalty is 5% of the unpaid taxes for each month or part of a… Read More
Who is affected: Everyone that pays Federal income tax We are all feeling the effects of rising prices, but those increases could make filing taxes a little less painful in the future. The effect of inflation has prompted the IRS to raise thresholds for income tax brackets for tax year 2023. While such adjustments take place… Read More
Who is affected: Anyone that improves the efficiency of certain improvements in their home to save energy The Inflation Reduction Act (IRA) passed by Congress August 16, 2022 made changes to credits allowed on income tax returns for tax year 2023. After 12/31/2022 the energy efficient home improvement lifetime credit has been eliminated. As amended… Read More
Who is affected: All US Taxpayers As part of the Inflation Reduction Act passed in the summer of 2022, Congress allocated $80 billion to the Internal Revenue Service. Given the significant amount of funding—far more than had been given in decades—the allocation became the subject of political spin on how the money would be used;… Read More
Who is affected: All taxpayers Just before Christmas 2022 Congress has passed, and the President signed a bill to fund the U.S. government for the 2023 fiscal year that includes provisions known as “Secure 2.0.” Secure 2.0 makes changes to the retirement system that build upon those in the Secure Act of 2019. Parts of… Read More
We encourage our clients to initiate an online accounts with the IRS and Indiana Department of Revenue. Having an online account will allow you to monitor activity on your account, make payments and more. If we need to assist you with a tax problem, we will request a limited POA and can resolve issues much… Read More
Let’s just get it out there. The IRS is having tremendous struggles in every operational area, with an unprecedented backlog of incomplete work. At mid-January 2022, the IRS reported that all tax returns timely filed by the due date (not including extensions) that were not pulled for research or verification were completely processed. As of… Read More