Pressel CPA

09/10/2025

Good advice…

The has assessed more than $162 million in penalties over false tax credit claims linked to fraudulent tax advice promoted on social media.

Read the agency’s alert: https://ow.ly/kbSS50WTrjw

01/26/2025

New drop box for the upcoming tax season. It is now located next to the office entrance door.

01/31/2024

Treehouse Financial Coaching is officially open for business!

Does thinking about money make you stressed? Are you living paycheck to paycheck? Do you have student loans or credit card debt? We can help you learn to manage your money, pay off your debt, and save for the future.

Schedule a free consultation today and we can help you to reach your financial dreams.

Treehouse Financial Coaching is a division of Pressel CPA

12/31/2023

I got to spend some quality time with executives from Intuit. We had many discussions about QuickBooks online and Proconnect. The insights were invaluable. And the QBO hat is an added bonus! This is my brother who works for Intuit! He takes all of my concerns right to the top!

12/18/2023

Indiana taxpayers who contribute to a CollegeChoice 529 may receive a state income tax credit equal to 20% of their contributions. Beginning January 1, 2023, the maximum credit increases to $1,500 ($750 for married filing separately). The contribution amount for 2023 is $7500 to get the maximum tax credit. This contribution must be made by December 31st.

12/15/2023

The IRS standard mileage rate for 2024 will be 67 cents per mile!

10/09/2020

The countdown is on! If you filed for an extension, you must file by midnight on October 15. To get started, click here: www.irs.gov

05/05/2020

Property Taxes not due until July 10th!

All Indiana counties shall waive any penalties for any property taxes paid within sixty (60) days after the statutory deadline; therefore, the spring installment may be paid up to and including July 10, 2020 without penalty.
“Property taxes remain due on May 11, 2020, however counties are to waive penalties on payments made after May 11, 2020, for a period of 60 days. This waiver does not apply to tax payments which have been escrowed by financial institutions on behalf of property taxpayers.”

Governor Eric Holcomb issued Executive Order #20-005 (“E.O. #20-005”) on March 19, 2020. E.O. #20-005 Section 6(B) mandates that all counties waive penalties for delinquent non-escrow property taxes paid within sixty (60) days after May 11, 2020—the May installment due date.

04/24/2020

Applying for PUA Benefits – What to Expect

The CARES Act Pandemic Unemployment Assistance (PUA) program provides assistance for those previously not covered by traditional unemployment insurance - the self-employed, contractors, gig economy workers and others. DWD has completed construction of the new system, and the PUA application is now available to those that have applied for and been denied regular UI. You will find it on your Claimant Home page under TO DO. You must apply for and be denied regular UI before you will have the PUA application link. Before applying, it is recommended that you review the Frequently Asked Questions on www.Unemployment.IN.gov.

04/20/2020

2020 is the first time I have ever worked on April 16th! Fun to be interviewed for this article.

Accountants who tackle the dreaded annual task say they are still busy, even if they aren’t getting the usual panicked last-minute phone calls that they normally see as April 15 approaches.

04/16/2020

IMPORTANT: The Pandemic Unemployment Compensation (PUC) program, which pays an additional $600 weekly amount to those eligible for regular UI benefits, will pay claimants beginning Friday, April 17, 2020. (The majority of payments will happen over the course of next week.)

The Pandemic Unemployment Assistance (PUA) program, which allows a new classification of workers to receive state benefits, will begin accepting applications on a *target date* of the week of April 24. For those who have already filed and were denied, you will receive an email for further instructions.
The target date to begin paying those under PUA is the week of May 4.

04/15/2020

The Corona Virus and your Retirement Fund:

The coronavirus stimulus, formally called the CARES Act, allows you to withdraw up to $100,000 from a retirement account (IRA, 401(k), etc.) and you won’t have to pay a 10% penalty even if you’re not 59½ years old. As of now the law makes it clear that you can only do this if you have something called a “coronavirus related distribution” (CRD).

In addition to avoiding the 10% penalty, you will be eligible to pay the ordinary income taxes on your distribution over three years (but you may elect to pay it all at once). So, for example, if you take out $30,000 and you are in the federal bracket of 24%, you will owe $7,200 in taxes for accessing your money (or $2,400 a year). Once you recover financially you will have three years from the day after you take the distribution to pay it back to your IRA or employer plan if you choose to restock your nest egg. If you recontribute funds, you won’t be limited to IRS rules that constrain annual contributions because your repayment (can be one time) or repayments (can be many payments over the three year period) will be treated like a rollover, and rollovers were never subject to the pesky rules limiting plan contributions.

It is important to note that you are not required to recontribute funds. In fact, financial planners may suggest that even if you are inclined and able to restore savings you recharacterize your retirement savings, so they are in position to get Roth treatment.

A CRD is any distribution by a person who has been diagnosed with COVID-19 (or SARS-CoV-2), their spouse or dependent. In addition, even undiagnosed people can take a CRD if they have adverse financial consequences because of being quarantined, furloughed, laid off, given reduced hours, or were unable to work because of child care responsibilities brought about by the current crisis. In addition, business owners who have closed the business or reduced hours also are eligible for a CRD.