Colleen S Krcelich, CPA

06/04/2024

https://www.linkedin.com/posts/lvlaunchbox_pitchcompetition-lvlaunchbox-psulv-activity-7203421928647262211-6SIA?utm_source=share&utm_medium=member_desktop

02/08/2024

For my real estate agents/mortgage brokers and real estate investors.....

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency. The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts. FinCEN’s proposal is tailored to target residential real estate transfers considered to be high-risk for money laundering, while minimizing potential business burden, and it would not require reporting of transfers made to individuals.

News Release: https://www.fincen.gov/news/news-releases/fincen-proposes-rule-combat-money-laundering-and-promote-transparency
Fact Sheet:https://www.fincen.gov/sites/default/files/shared/RRE_NPRM_FactSheet_FINAL_02.06.24_508.pdf
Notice of Proposed Rulemaking: https://www.federalregister.gov/public-inspection/2024-02565/anti-money-laundering-regulations-for-residential-real-estate-transfers

Anti-Money Laundering Regulations for Residential Real Estate Transfers

01/16/2024

America’s biotechnology start-ups can’t develop the next generation of breakthroughs without your help! I urge you to protect tomorrow’s biotech innovations by restoring immediate R&D expensing in the next legislative vehicle.

01/09/2024

Ugh!

Taxpayers may want to delay filing their returns closer to the April 15 deadline as Congress negotiates a $100 billion bill that could offer breaks to both parents and businesses, experts said. The…

12/22/2023

Want to join the PSU family? WE ARE hiring a tenure track Assistant Professor of Business (Finance) for the Lehigh Valley campus.

APPLICATION INSTRUCTIONS: CURRENT PENN STATE EMPLOYEE (faculty, staff, technical service, or student), please login to Workday to complete the internal application process. Please do not apply here, apply internally through Workday. CURRENT PENN STATE STUDENT (not employed previously at the universi...

04/28/2023

"An estimate of 113,793 unemployment claims were filed by Americans earning over $200,000. This is the highest level since the pandemic."

11/22/2022

Major tax filing services such as H&R Block, TaxAct, and TaxSlayer have been quietly transmitting sensitive financial information to Facebook when Americans file their taxes online, The Markup has learned. Even TurboTax

The Markup found that tax preparation services including TaxAct, TaxSlayer, and H&R Block have sent users’ personal financial information to Facebook through the Meta Pixel.

01/09/2021

Thanks for the info Mary Lew Kehm

The U.S. Small Business Administration (SBA) and U.S. Treasury Department announced that the Paycheck Protection Program (PPP) will reopen January 11 for new borrowers and certain existing PPP borrowers.

Friday night 1/8/21 they published application forms (Reopened PPP1/PPP2 for borrowers and lenders).

On January 11, community financial institutions will be able to make First Draw PPP loans and Second Draw PPP loans on Wednesday, January 13.

(Note: Small lenders may not be ready per Politico).

The PPP will open to all participating lenders shortly thereafter.

01/07/2021

Still missing your 2nd stimulus payment? It is based on your 2019 return (generally). If your return was prepared by Block, or you prepared it on Turbo Tax, and allowed the IRS to have the prep/software fee paid directly to the company from your refund, your stimulus went to the Turbo Tax or Block bank account.

I had originally heard that these companies would distribute the stimulus to you (per HR Block) however, according to the IRS: These companies must return the stimulus payments back to the IRS, and the taxpayers will have to update their info with the IRS directly. The taxpayers affected may have to wait until their tax return is completed and filed to claim the stimulus.

“Because of the speed at which the law required the IRS to issue the second round of Economic Impact Payments, some payments may have been sent to an account that may be closed, or is no longer active, or unfamiliar,” said the IRS on Tuesday. “By law, the financial institution must return the payment to the IRS; they cannot hold and issue the payment to an individual when the account is no longer active. If Get My Payment shows ‘Payment Status #2 – Not Available’ you will not receive a second EIP. The IRS advises people that if they don't receive their Economic Impact Payment, they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible.”

12/29/2020

Own a business? Got a PPP loan? Your taxes just became very complicated!

I don’t MEAN to rain on the parade of small businesses and tax pros alike, who have spent the last 24 hours rejoicing after the House and Senate agreed to override the IRS and make it so that expenses paid with forgiven Paycheck Protection Program loan proceeds will now be fully deductible.

12/22/2020

If you collected both regular UC and PUA, you may get 2 1099G from PA at the end of the year. Remember to sign into both of your accounts. Per the web site:

If you received unemployment compensation during the year, you should receive Form 1099-G from your state’s unemployment office. It is possible you may receive more than one 1099-G form. PUA will be reported on a separate form from any UC (including PEUC, EB, TRA) that you may have received. RTAA benefits are also reported on a separate form. You will need to add the payments from all forms when reporting this information to the IRS.