Data Breach? What should I do?

Could your business become a victim of a data security breach? Most businesses store sensitive data about employees and customers, including names, addresses and Social Security numbers (SSNs). If lost or stolen, this data could put individuals at risk for identity theft and other types of damage. Depending on the situation, the IRS advises: 1) […]

Where’s my refund?

If you’re waiting for a tax refund and relying on the IRS’s Where’s My Refund (WMR) tool (https://bit.ly/3xJoEi1), listen up. WMR generally provides current information about your refund status and amount and typically is updated every 24 hours (usually overnight). If you think WMR is displaying inaccurate data, keep in mind that a letter may […]

IRS reports Refunds increased 2.7%

Taxpayers received more refund dollars in fiscal year (FY) 2023 than they did the previous year, according to the latest IRS Data Book. The IRS issued approximately $659 million in refunds, a 2.7% increase over FY 2022. Overall, individuals and estates and trusts paid close to $2.6 trillion, which is down from $2.9 trillion in […]

What is a work-life referral (WLR) program?

A work-life referral (WLR) program is an employer-funded benefit that provides WLR services to eligible employees. WLR services (also referred to as caregiver or caretaker navigation services) assist employees with identifying life-management resources for solutions to personal or work challenges. Under certain circumstances, the value of such referral services can be excluded from gross income […]

IRS issues it’s annual Data Book

The IRS has issued its annual Data Book detailing its activities during fiscal year 2023. As the publication’s name implies, it’s packed with statistics. For example, during FY 2023, the IRS collected approximately $4.7 trillion in gross taxes. This amount accounts for about 96% of the funding that supports the federal government’s operations. In addition, […]

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 […]