Document a charitable contribution

The receipt can be a letter, a postcard, an e-mail message, or a form created for the purpose. Any donations worth $250 or more must be recognized with a receipt

$750 Disaster relief from Fema

There are four ways you can apply for FEMA disaster assistance: Fill out a DisasterAssistance.gov application online Apply using the FEMA app. Download the free app from your smartphone’s app store Apply by phone at 1-800-621-3362 Apply in person at a Disaster Recovery Center (DRC). Find a DRC near you

Taxing unearned capital gain

Tax policy embraced by Vice President Kamala Harris that’s meant to target the wealthy could be used to capture all investors if the NEW tax doesn't raise enough cash. Harris defenders say posts ignore the fact that the plan would only impact those whose net worth is more than $100 million, or less than 1% of taxpayers the first year. We believe Harris' unearned gains tax would target wealthy investors the 1st year but then the administration would lower the thresshold due to the tax not raising enough fund.

Consumer Confidence falls

Consumer confidence has fallen to its lowest level in 3 years.

IRS Calls on Taxpayers to Make Emergency Plan

Irs is asking taxoayers to prepare for natural disasters

BOIR Reports due soon

The new IRS Fincen Beneficial Ownership Information Report is due soon if your company was formed before 1/1/24. If your company was started in the year 2024, you have 90 days from formation to get the report completed. Need help? Call us at 813-309-0504 and ask for Nick!

Irs Late filing penalties

penalty for filing late is generally 5% of the balance owed per month, with a max of 25%

Mfa google

Go thru google

Form 8275

f8275, Disclosure of position statement

Irs interest rate for people on extension

IRS INTEREST RATE IS 4.5%

Who is exempt from filing a BOI return?

Industries that are heavily regulated such as banks, insurance companies, cpa firms and other firms who report a lot to the IRS are exempt grom giling the BOI report.

1099-Misc, Box 6

Box 6 on a form 1009 Misc is reportsble but not a taxable item.

Get a Fincen ID #

Go to this website: https://fincenid.fincen.gov Follow the directions

FASB Conceptual Franework

It’s funny how these things work out. A few days ago, I was at Disney's Four Seasons Resort for Western CPE's Orlando conference, speaking about the exposure draft for the final chapter of the FASB's Conceptual Framework. At the time, I indicated it was still an exposure draft but that I expected a final issuance any day now. Low and behold, when I checked my emails later, the announcement from the FASB was in my inbox. For several years, the FASB has been working on a complete conceptual framework to serve as a basis for any and all future GAAP standards issued by the FASB. While the information is non-authoritative and does not change any current GAAP, it can be used by the FASB in developing new standards, as well as practitioners in exercising professional judgment when guidance does not exist. The latest chapter — Chapter 6 of Concept 8 — addresses one of the fundamentals of any financial framework: measurement. It provides a discussion on the two measurement systems which the board feels are both relevant and provide a faithful representation. Those two methods are the entry and exit price systems. The entry price is the price an entity pays to acquire an asset or receives to assume a liability, while an exit price is the price received to sell an asset or paid to settle a liability. Both methods should be considered when making a determination on the proper accounting treatment. The concept also provides plenty of guidance on the selection of a measurement system. I will be explaining this in more detail in upcoming presentations this year, as well as other aspects of the new and complete framework.

Energy Tax Credit Scam

IRS has urged all tsx payers to be awar of a scam involving energy tax credits

File a 1040 when your non resident spouse has no ss#

How to file taxes without spouse SSN? When a taxpayer's filing status is Married Filing Separately and the taxpayer does not know the spouse's SSN or ITIN, enter 000-00-0000 as the spouse's SSN to allow the program to calculate the return. Note that when all zeros are used for the spouse's SSN, the return must be printed and mailed.Nov 13, 2023

US resident married to nonresident

Married individuals are not allowed to file under the single filing status, and when you are married to a non-resident alien (referred to as a nonresident spouse), you are also unable to file a joint return unless a separate election is made to do so. Here are the options when you are married to a non-U.S. citizen.

Inflation rate

Inflation measure closely watched by the Fed rises 2.6% in May

Tips and Payroll Taxes

Sen. Cruz introduces bill to make tips exempt from federal income taxes

Tips payroll tax days might be numbered

A new House GOP bill aims to end taxation on tips after former President Trump promoted the idea earlier this month. Greene said on the platform, "President Trump is right, no one should be taxed on the tips they receive for providing a good service."

What the additional IRS funds get US!

Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it “really just a shell game.” The officials said the additional IRS funding provided through the 2022 Inflation Reduction Act had enabled increased oversight and greater awareness of the practice. “These tax shelters allow wealthy taxpayers to avoid paying what they owe," IRS.

QB

How to migrate your data In QuickBooks Desktop, log in as an admin to the company file you need to import. Go to the Company menu, then select Export Company File to QuickBooks Online. Select Get started. Click Select destination, then sign in to your QuickBooks Online account.

Biden wants to double capital gains tax

According to a report issued by the Treasury Department, led by Secretary Janet Yellen, Biden’s proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to an astonishing 44.6%.    Today, that top marginal long-term capital gains rate is at 23.8%. Do NOT get fooled when you hear or read that the increase is ONLY a 20.8% increase, when in fact it would be an 87.4% increase!  

Interest cost skyrocketing

The US will spend more in interest on the national debt than it will pay for national defense in 2024.

Bonus depreciation

Bonus depreciation van be used generally on assets with a life of 20 years or less

Disregarded Entity

The term "disregarded entity" refers to how a single-member limited liability company (LLC) may be taxed by the Internal Revenue Service (IRS). If your LLC is deemed a disregarded entity, it simply means that, in the eyes of the IRS, your LLC is not taxed as an entity separate from you.

EVs from China may lose tax credits

New rules from the Treasury Department will make it harder for vehicles to qualify for the full federal electric vehicle tax credit of $7,500 if key components are sourced from China. But the rules also offered a two-year reprieve on some materials that are mostly sourced from China. Late last week Treasury released on some materials that are mostly sourced from China. Late last week Treasury released new rules mandating that manufacturers not use critical materials that originate from a Foreign Entity of Concern (FEOC) — including China, Russia, North Korea, or Iran — by 2025 if they want to receive the full EV tax credit. The federal government, however, is giving automakers some important leeway in sourcing some rarer materials, like graphite. "The final regulations also identify certain impracticable-to-trace battery materials," the Treasury said, adding that "qualified manufacturers may temporarily exclude these battery materials from FEOC due diligence and FEOC compliance determinations until 2027."

Our philosophy

In Japan, which is home to half of the world’s companies that are at least 100 years old, a simple but powerful philosophy has contributed to business longevity: Sampo-yoshi. Sampo-yoshi means “good for the seller, good for the buyer, and good for society.” Its origins trace to traveling traders from the Ohmi region — now known as Shiga Prefecture — who were active for centuries. At the time, regulations limited freedom of movement.

Why is there a 30% limit on charitable contributions?

Contributions of capital gain property to public institutions are generally limited to 30% of the donor's contribution base (AGI). The excess can be carried forward for up to 5 years

White House attempting to control investments

The Biden administration on Tuesday finalized a new rule to crack down on retirement advice given by financial professionals, a move that has already drawn fierce backlash from Wall Street. The Labor Department regulation aims to ensure that financial advisers, brokers and insurance agents work in the best interests of their clients. It purports to do so by broadening the scope of when these individuals must act as a fiduciary, meaning they have a legal obligation to put their clients' interests ahead of their own . "America’s workers and their families rely on investment professionals for guidance as they save for retirement," said acting Labor Secretary Julie Su. "This rule protects the retirement investors from improper investment recommendations and harmful conflicts of interest." The rule applies to one-time advice for individuals rolling 401(k) plans into IRAs, retirement advisers regardless of which state they are located in and advice to plan sponsors about which investments to make available as options in 401(k)s and other employer-sponsored plans. 

7 Exceptions tothe 10% Early withdrawlal penalty

Buying Your First Home Purchasing a first home is a life-altering event that may warrant the use of IRA funds. The IRS offers a boon to first-time homebuyers through a penalty-free withdrawal from an IRA of up to $10,000 for qualified acquisition costs, which include buying, building or rebuilding a home, as well as any usual or reasonable settlement, financing or other closing costs. Remember, this is a lifetime limit, and the funds must be used within 120 days of withdrawal. Medical Expenses Unreimbursed medical expenses that exceed 7.5% of your adjusted gross income (AGI) for the year can lead to a penalty-free withdrawal from an IRA. For example, if your AGI is $100,000, only medical expenses exceeding $7,500 could be considered. IRS Levy An early withdrawal due to an IRS levy is exempt from the 10% penalty, as these funds are used to satisfy the tax debt. The process involves the IRS providing written notice of the impending levy and then, if the debt is not resolved, seizing assets including IRA funds. Substantially Equal Periodic Payments (SEPP) The establishment of substantially equal periodic payments (SEPP) allows individuals to withdraw funds from their IRA without penalty by setting up a series of substantially equal payments based on their life expectancy or the joint life expectancies of themselves and their designated beneficiary. Unemployed Health Insurance Individuals who are receiving unemployment benefits and use IRA funds to pay for health insurance premiums also may be exempt from the early withdrawal penalty. However, the person must be unemployed for 12 weeks and receive their benefits in the same year the early withdrawal is taken. Disaster Recovery Victims of federally declared disasters may access up to $22,000 in IRA funds without penalties to aid in disaster recovery efforts. This exception aims to provide financial relief to those affected by natural disasters such as hurricanes, wildfires, or floods. Death Beneficiaries of an IRA are exempt from the 10% early withdrawal penalty, with spouses having the option to transfer the funds into their own IRA, while non-spouse beneficiaries must follow specific IRS distribution rules based on the decedent’s age and the beneficiary’s relationship to the decedent. Returned IRA Contributions If you’ve contributed more to your IRA than allowed, the excess contributions can be withdrawn without penalty by the tax filing deadline (including extensions) of the following year, as long as the tax return has not been filed. However, this exception does not apply to the earnings of excess contirbutions. Military Reservists Members of the military reserve who are called to active duty for at least 180 days may be eligible to withdraw funds from their IRA penalty-free. This provision honors the service and sacrifices of military personnel and their families, providing access to funds when needed most. However, reservists who take advantage of this exception may not make new contributions to their plan for at least six months following the early withdrawal. Can I Make an Early Withdrawal After Losing My Job? An employee leaves her office after being laid off from her company. If you’re transitioning between jobs, you may be wondering whether you can withdraw from your IRA without penalty. The IRS does not classify job separation as an exception to the early withdrawal penalty rules for IRAs. Therefore, if you choose to make a withdrawal, you should weigh the potential costs against your immediate financial needs before proceeding with an early withdrawal from your IRA. Making this financial move requires a clear understanding of both the immediate and long-term consequences that could arise from tapping into your retirement savings prematurely. In the long term, early withdrawals can significantly impact the growth of your retirement savings due to the loss of compounding interest. Bottom Line While IRAs are designed to secure financial stability in retirement, understanding the various exceptions to the early withdrawal penalty is critical for managing unforeseen financial needs without undermining your long-term savings. Whether it’s due to disability, education expenses, a first home purchase, or any of the other specific exceptions outlined by the IRS, knowing these regulations can help you make informed decisions that can protect your nest egg. Retirement Planning Tips Required minimum distributions (RMDs) are mandatory withdrawals you must take from tax-deferred accounts, starting at age 73. These distributions will raise your taxable income for the year, increase your tax liability and potentially propel you into a higher tax bracket. That’s why it’s important to plan for them. Luckily, SmartAsset has a tool designed to help you calculate how much your RMDs could be. Don’t forget to account for Social Security benefits as you plan for retirement. SmartAsset’s Social Security calculator can help you estimate how much you may be eligible to receive based on your earnings and age at which you plan to claim your benefit. A financial advisor can help you invest your retirement savings and even manage your IRA for you. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Nurses Home Office Deduction

If you're a W-2 worker — meaning your employer withholds taxes from your paychecks — you can't take the home office deduction for 2023. However, freelance and contract workers with income reported via 1099-NEC may qualify.