Kathy J. Wills, CPA

06/23/2026

If you paid interest and/or penalties to IRS between January 20, 2020 and July 10, 2023, you could be due a refund. IRS was supposed to suspend collections of interest and penalties during those dates due to COVID. In order to claim a refund you MUST file Form 843 BEFORE July 10, 2026.

06/16/2026

Baby boomers are in their golden years, which means that their accumulated wealth is being passed down to generations X, Y (Millenials), and Z. Many people who come into a financial boon can burn through the windfall very quickly and end up in worse shape. This article outlines some strategies and cautions to avoid this.

Gen X and Millennials are expected to receive trillions of dollars in inheritance in coming decades. Unless it's managed properly, the money could slip through their fingers.

06/09/2026

IRS is trying to phase out paper as much as possible. They want to issue refunds as direct deposits, or they will send a loaded VISA card. If you do not have a deposit account on file with IRS, you might be receiving a letter asking for bank information. Check your IRS account and make sure it is a legit letter.

06/02/2026

The safest way to check if you have received a scam IRS notice is to create an account at IRS.gov and see if the notice shows up on your account. If the notice/letter is not showing up on your account, do not respond to it; it is a scam.

05/26/2026

Able accounts are very similar to Health Savings Accounts (HSA) or even a Roth IRA. An Able account is for anyone who is disabled. If you meet their definition of disabled, you can set up an account and use funds to meet your disability needs. Be sure to do your research and navigate the path correctly. Tax free savings is always a good thing.

05/19/2026

This article give some good tips on juggling income, deductions and tax payments from different sources. If you are a W-2 earner and looking for a ‘side hustle’ this article can give you some pointers to look out for.

With a little organization and proactive planning, you can turn mixed income from a tax headache into a manageable, even profitable, part of your financial picture.

05/12/2026

Now that tax season is over, let’s look at who is paying tax. This is for the 2023 filing season.
The top 1% reported $675,602 of AGI (Adjusted Gross Income) and paid 38.4% of all taxes.
The top 5% reported $272,209 of AGI and paid 59.3% of all taxes.
The top 10% reported $187,608 of AGI and paid 70.54% of all taxes.
The bottom 50% reported AGI under $53,800 and paid 3.26% of all taxes.

05/05/2026

With low tax rates in place for a few years, a simple tax strategy is to recognize/report as much income as possible - if possible - and to delay deductions for higher tax years. For the average W-2 wage earner, this is often NOT possible. However, the Roth IRA conversions are a way to take advantage of this. Businesses may also have some income acceleration techniques.

04/28/2026

Elder fraud is on the rise. Artificial Intelligence has raised the ability to commit fraud by enabling the generation of both audio and visual fakes in order to scam people. The elderly tend to be most vulnerable since they are less likely to be aware that certain techniques are used for scams. Be vigilant. If something is out of the ordinary, hang up and call your family member or business associate directly to see whether the situation is legitimate.

04/21/2026

The loss of the penny in our society has produced some questions in the marketplace which are addressed in this article:

A new era of "Swedish rounding" hits U.S. registers soon. Learn why the nickel might be on the chopping block, and how to save money by choosing the right way to pay.