News and Events

2024 Brings a welcome increase to Social Security & SSI Benefits

The Social Security Administration (SSA) has made a significant announcement. Starting in 2024, over 71 million Americans will see a 3.2 percent increase in their Social Security and Supplemental Security Income (SSI) benefits. This means that the average Social Security retirement benefit will go up by more than $50 per month. Most people who get […]

BEWARE OF ART DONATION SCHEMES: IRS raises red flags

For many individuals and businesses, the end of the year typically brings with it thoughts of charitable contributions and tax planning. Art, often a valuable asset, sometimes becomes the focus of donation considerations. However, there is a growing need to be vigilant about scams related to art donations and the potential pitfalls of improper deduction […]

RISE IN PER DIEM RATES FOR BUSINESS TRAVEL

For those frequently on the move for business, there is significant news from the realm of accounting and taxes. The IRS has made an upward adjustment in the special per diem rates for business travel, primarily due to inflationary pressures. The revised rates are promising for businesses and their employees. These per diem rates are […]

TAX FILING EXTENSION DEADLINE APPROACHING:

As the seasons transition from summer to fall, it is not just the change in foliage or pumpkin-flavored delights we need to remember; it is also an important time for taxpayers. The IRS has issued a reminder that the October 16th tax filing extension deadline is rapidly approaching. For many of you who requested an extension on […]

THE SAFE KEEPER’S GUIDE: Protecting Essential Documents and Cherished Memories

When disaster strikes, from hurricanes to earthquakes, the first concern is, of course, the safety of you and your loved ones. However, safeguarding vital records and essential documents is also an imperative task in disaster planning. As highlighted by the IRS, these crucial documents include tax returns, birth certificates, social security cards, wills, and insurance […]

IRS TAKES ACTION: Halting Employee Retention Credit Claims Amid Scam Concerns

In a recent move to shield taxpayers from potential scams, the Internal Revenue Service (IRS) has announced an immediate suspension of new Employee Retention Credit claims processing. This decision comes in the wake of a surge in questionable claims and concerns raised by tax professionals. The IRS has identified aggressive marketing tactics targeting ineligible applicants, […]

IMPORTANT IRS DEADLINES: September 15, 2023

If you are a taxpayer in the United States, it is crucial to keep up with the various deadlines set forth by the Internal Revenue Service (IRS). Missing a deadline can result in penalties and added stress. For those who need to make financial moves by Friday, September 15, 2023, here are the key IRS […]

AMNESTY FOR RETIREMENT SAVERS: IRS Delays Key 401(k) Changes

We have important news for higher-earning individuals aged 50 and up who are diligently planning for retirement! The Internal Revenue Service (IRS) has deferred the implementation of a new requirement affecting contributions to 401(k) plans and similar retirement savings vehicles. The rule, passed by Congress last year required any catch-up contributions to be funded with […]

A REMINDER FOR TRUCKERS AHEAD OF THE AUGUST 31 DEADLINE: E-FILING FORM 2290

The Internal Revenue Service (IRS) has issued a timely reminder to all individuals and businesses that have registered, or are mandated to register, large trucks and buses with a taxable gross weight of 55,000 pounds or more. The IRS strongly encourages the e-filing of Form 2290, the Heavy Highway Vehicle Use Tax Return, by August […]