Mogg & Associates, LLC

01/26/2024

From CNN: IRS set to launch its free tax filing pilot program. Here’s how it will work IRS set to launch its free tax filing pilot program. Here’s how it will work

When tax filing season opens on January 29, some taxpayers will have the option of filing their 2023 federal tax returns with a brand new, government-run system.

01/20/2024

Employee or independent contractor? DOL issues new guidance - Journal of Accountancy

A final U.S. Department of Labor rule provides an economic reality test and targets “misclassifying employees as independent contractors,” which could have tax and other implications for workers and employers alike.

12/27/2023

Annual inflation adjustments for TY 2023 and 2024 - Tax Pro Center | Intuit

Get a handy chart of year-over-year inflation adjustments on some higher impact provisions of the tax code, including mileage, deductions, and more. Nadia Rodriguez, CPA, created this for tax pros and their clients.

12/26/2023

The Tax Benefits of 'Bunching Up' Year-End Charitable Deductions - CPA Practice Advisor

The tax law allows you to deduct contributions made to qualified charitable organizations, within generous limits, but only if you itemize deductions.

12/26/2023

IRS announces penalty relief, resumption of collection notices - Journal of Accountancy

The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.

12/26/2023

Final rule issued on access to beneficial ownership information

The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement....

11/13/2023

Inflation adjustments to retirement account limits issued for 2024

The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs.

11/13/2023

FinCEN will allow use of identifier in beneficial ownership reporting

Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.

11/10/2023

IRS adjusts 2024 tax brackets for inflation, increases standard deduction The inflation adjustments to tax brackets and the standard deduction could help Americans take home more of their paycheck next year.

The inflation adjustments to tax brackets and the standard deduction could help Americans take home more of their paycheck next year.

07/31/2023

Millions could have student loan bills dropped to $0. Here's how to sign up. Biden has called the SAVE program “the most affordable repayment plan ever.” The typical borrower who enrolls in the plan will save $1,000 a month, he said.
https://www.9news.com/mobile/article/news/nation-world/save-plan-opens-sign-ups/507-c7bedd06-c514-46b0-9c42-b3f722725019

11/27/2022

Applies to all. Not just tax preparers.

Security Summit focuses special week on identity theft to protect taxpayers, tax professionals as holiday and tax seasons approach | Internal Revenue Service

IR-2022-202, November 18, 2022 — The Internal Revenue Service, along with state tax agencies and the nation's tax industry, today announced a special week focusing attention on empowering taxpayers to protect sensitive financial information against identity thieves as the holidays and the 2023 tax...

11/26/2022

What to do if you have been laid off https://www.fastcompany.com/90813463/5-steps-to-take-if-you-have-been-laid-off