RMD guidance issued

The IRS just issued guidance that includes relief with respect to certain required minimum distributions (RMDs) that aren’t made in 2024. This relief is provided with respect to some RMDs in 2021, 2022 and 2023. Specifically, Notice 2024-35 states that if certain requirements are met in 2024, a plan won’t fail to be qualified for […]

IRS Issues Warning on Data Security

IRS Issues Warning on Data Security – Newsweek https://bit.ly/3ycvxIE

Is your withholding correct?

With the tax filing deadline passed, you may want to forget about taxes for now. Before you do, take some time to ensure your 2024 withholding amount is correct. If you’re an employee who ended up with a surprise tax bill for 2023, and possibly penalties, you can give your employer a new Form W-4 […]

Did you pay the correct amount of tax?

You have the right to pay no more than the correct amount of tax due, including, if applicable, penalties and interest. This legal right means you can file for a refund if you think you’ve overpaid and file an amended return if you make an error on your original return. You can also notify the […]

Getting a handle on inventory

Inventory is a key balance sheet item for many companies. Depending on the nature of your operations, inventory may include raw materials, work-in-progress (WIP) inventory and finished goods. While you need to have enough inventory on hand to meet your customers’ needs, carrying excessive amounts can be costly. Here are some smart ways to manage […]

Reasonable Cause may lower penalties

If you missed the federal income tax filing deadline and owe money, you should expect to receive a bill in the mail. However, if you can show “reasonable cause” for not filing or paying on time and you make a “good faith” payment as soon as you’re able, the IRS may be willing to abate […]

Tax Relief for American Familes Bill Update

In January, the House passed the Tax Relief for American Families and Workers Act. The $79 billion bipartisan bill would, among other things, temporarily expand the Child Tax Credit, restore current business tax deductions for 100% of domestic R&D expenses and extend 100% bonus depreciation. However, the bill has since stalled in the Senate. To […]

How did the Service perform in tax season?

The April 15 tax filing deadline has passed, so how did the IRS perform? Thanks to funding provided by the Inflation Reduction Act, the IRS says it expanded taxpayer service to levels not seen in more than a decade, with double-digit gains occurring in critical areas. Compared to a year ago, the IRS answered more […]

Do I need to file an amended return?

Did you submit your tax return and then realize you made a mistake? Perhaps pieces of information were forgotten. Now you may be wondering if you need to file an amended return. The IRS states that taxpayers usually don’t need to file amended returns for certain issues. The IRS will correct any math errors while […]

Keep these 3 issues in mind after you file your return

The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October 15. In either case, once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three […]