Make Tax Season Easier For All
With another tax season fast approaching, now is the time to take a look at your books and records to determine what needs to be done to prepare for year-end. Consider the following questions: 1. Is my general ledger up-to-date and are my cash accounts reconciled? Hopefully your answer is yes, but if not, begin […]
Tax-Advantaged 529 Plans
One of the most popular tax-advantaged plans available is a 529 savings plan designed to encourage saving for future college costs for a designated beneficiary, such as a child or grandchild. This type of plan is available to all taxpayers regardless of their income. Below are a few important reminders about the benefits these plans […]
Bots for IRS Customer Service?
Yes, you read that right! This is exciting news for taxpayers and tax professionals who need to reach out to the IRS. As the IRS continues to progress, they are now focusing more on using technology to help taxpayers get answers to their questions quickly and easily and improving the customer experience in such a […]
Year-End Tax Planning Considerations
As we approach the end of 2023, it would be a good time to evaluate some year-end planning strategies that could reduce or mitigate your overall individual tax burden for the year. For those taxpayers that itemize deductions, you garner the most flexibility to accelerate write-offs, thus deferring taxable income. Considerations for itemizers: State and […]
Beneficial Ownership Information Reporting Requirement Begins
The Corporate Transparency Act (CTA) was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA is not part of the tax code. Instead, the CTA is part of the Bank Secrecy Act, a set of federal laws with the intent to help U.S. law enforcement combat money laundering, […]