The IRS reminds us under Tax Tip 2023-74 that after filing your 2022 US income tax return taxpayers can receive anyone of four (4) different types of IRS Theft ID letters, requiring them to follow a certain set of instructions prior to their tax returns being processed. Scammers sometimes use stolen Social Security numbers to […]
The IRS reminds us in IR—23-100 what we can do in the event of a natural disaster to reconstruct our records, some tips to keep in mind when we may apply for federal assistance or insurance reimbursements! In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the Internal Revenue Service is reminding […]
The IRS reminds us through Tax Tip 2023-61 of Hobby Loss deductibility restrictions, please keep these in mind when preparing your US income taxes!! Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to […]
Huge news- The US Supreme Court on February 28, 2023 holds in a decision on Bittner, No. 21-1195 (U.S. 2/28/23)) vs. (Boyd, 991 F.3d 1077 (9th Cir. 2021)) that the $10,000 non willful FBAR Form 114 penalty is per report, not per account! The U.S. Supreme Court held Tuesday in a 5-4 decision that the […]
The IRS announced in IR-2023-22 on February 9, 2023 as a follow up from its June 23, 2022 announcement that we are now able to efile Amended Form 1040NR- U.S. Nonresident Alien Income Tax Return, that we can now also choose to direct deposit the refunds to speed them up! In the latest improvement for […]
The IRS explains In Tax Tip 2023-06 to parents of adopted children that taxpayers who adopted or started the adoption process during 2022 should review the rules around the adoption credit and the amount of the credit increases for qualified taxpayers. The adoption tax credit lets families who were in the adoption process during 2022 […]
In IRS Tax Tip 2023-03 the IRS discusses the differences between the Itemized Deduction and the Standard Deduction. One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer’s choice, including changes to […]
The IRS announces with IR-2022-217 The IRS reminds taxpayers that are over 72 years of age that is born in 1950 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans. The payments are called required minimum distributions (RMDs), even if they’re still working. Account holders reaching age 72 in 2022 must […]
The IRS provides a timely and excellent reminder in Tax Tip 2022-162 about important info for people to consider before they dip into their hard-earned retirement savings for hardship distributions, early withdrawals or loans. In addition to a reminder n Required Minimum Distributions. No matter how much people plan, unexpected events occur. Often, those events […]
Just a little reminder the Backdoor ROTH is not a certainty going forward, it lives to fight another tax year! If your income exceeds the limits to contribute directly to a Roth IRA, you may have heard about the so-called ‘Backdoor Roth IRA,’ which allows traditional IRA conversions to Roth IRA regardless of income. This […]
