Quick Tax

04/01/2024

The has made updates to the ‘Where’s My Refund?’ tool, including:
• Refund status messages in plain language
• Seamless access on mobile devices and with the IRS2Go app
• Notifications if the IRS needs additional information for your refund

Visit irs.gov/wheres-my-refund

01/24/2024

https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.foxbusiness.com%2Fmoney%2Fsocial-security-recipients-could-get-hit-surprise-tax-bill-year%3Ffbclid%3DIwAR0r7DzclaSnH3aog7iLZOBwCyqhSm2GKTtCVfi8b-7YB21vgyGWWfR9kGQ&h=AT1py-DbhmsE9ffesKF2ZfpMQazRFFHGBzjfq5uBoyf0We2DUnS1piNqQvKZNp__NaEtTl8bUD1TaqobzORylVT6Ypkk0lFgFkYRVBsixnA9Y8LFm-p6VlQvY-7kKJpMv34-KMUGQbV9

The record-high Social Security cost-of-living bump that beneficiaries received in 2023 could come back to bite them during this year's tax-filing season.

01/08/2024

The Internal Revenue Service today announced Monday, January 29th, as the beginning of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax year returns.

Per today's news release:
"The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, you do not need to wait until then to for me to work on your taxes. I can get them prepared and submitted to my tax software company and they will hold it to be submitted as soon as the IRS opens on the 29th.

So get in touch with me if you have your W-2s and you’re ready! Give me a call if you have any questions.

01/26/2023

Some Important things to note! These things are likely why your refund may be less this year.

The Child Tax Credit has been reduced by up to $1,600 per child. This is just a return to the pre-COVID level.

Taxpayers with no children who claim the Earned Income Tax Credit will get $500 in 2022, revised from $1500 in 2021.

The Child and Dependent Care Credit will return to a maximum of $2,100 in 2022 instead of $8,000 in 2021.

Among the several pandemic tax credits returning to 2019 levels is the Child Tax Credit. Filers will get $1,600 less in credit for 2022 for each qualifying child under age 17.

01/13/2023

IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

01/13/2023

The Internal Revenue Service they will begin accepting and processing 2023 individual tax returns on January 23, 2023.

The 2023 Individual filing season deadline is April 18, 2023

IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

01/10/2023

Tax Tip 2023-02, January 9, 2023 — The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information.

01/10/2023

Be mindful of scammers!

The IRS will never:
Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer.

Generally, the IRS will first mail a bill to any taxpayer who owes taxes.

Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.

Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed.

Call unexpectedly about a tax refund.

Tax Tip 2023-02, January 9, 2023 — The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information.

12/29/2022

The Internal Revenue Service announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021.

IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

12/12/2022

If you use Venmo, Cash App, or PayPal to receive payments for Goods or Services, you may want to read this!

The new rule only applies to payments received for goods and services transactions, meaning that using Venmo or PayPal to send a loved one a gift, pay your roommate rent or reimburse a friend for dinner will be excluded. Also excluded is anyone who receives money from selling a personal item at a loss; for example, if you purchased a couch for $300 and sold it for $250, the amount is not taxable.

Taxpayers need to prepare to report transactions exceeding $600 that are received through Venmo, PayPal and other cash apps to the IRS starting in 2023.