The IRS is pretty flexible on how to pay them, however, I have seen several clients have issues with payments to the IRS this past year. So, here is my opinion: There are several ways to pay the IRS: Electronic Payment: The IRS offers electronic payments at Make sure you go to the… Read More

Most people would ask what is FinCen   they are Financial Crimes Enforcement Network and its another department of the Federal Government.   One of their objectives is to limit money laundering.   How they are going to do this is by reporting.   Effective 1/1/24 new entities will need to report their ownership to FinCen under the BOI,… Read More

Did you know if you own a Sub-S entity and you have your own health insurance you may be able to deduct your health insurance.   The proper way to do it is a bit complicated but here you go: Basically, the rule states that you expense your medical insurance deduction on the books of your… Read More

The IRS wants you to report payments to vendors on 1099’s who are not a C corporation or S Corporation or they are landlords or attorneys and over $600 per vendor. The form W-9 should be requested from all your vendors and they mark in box 3 their tax status. The IRS is making this… Read More

The 2017 Tax Custs and Jobs Act provided many benefits to taxpayers.  One of those benefits that was really significant to small business QBI (Qualified Business Income Deduction)   The first year it was effective, the law was confusing and  the IRS said to us practitioners, “Good Luck”   It was confusing.  Then they issued their regulations.  … Read More

The 2017 Tax Cuts and Jobs Act is changing many things in 2026 and one of those affects Estate Planning. The Tax Cuts and Jobs Act of 2017 (TCJA) effectively doubled the gift and estate tax exclusion and the generation-skipping transfer tax limits.  The TCJA will sunset on December 31, 2025. In 2023, the exclusion… Read More

The 2017 Tax Cuts and Jobs Act provided many beneficial financial benefits to taxpayers. However, many of those items expire in 2025. So, don’t be shocked. The first item is our tax rates. I call it a a politician’s dream . . . . Tax rates are going up without anyone voting for it. Yes,… Read More

The American Rescue Plan of 2021 changed the 1099-K reporting threshold. Under the new law, Credit Card Vendors were required to report transactions paid in 2022 that exceeded a minimum threshold of $600 in aggregate payments, regardless of the number of transactions. On December 23, 2022, the IRS delayed the implementation of the new $600 reporting threshold. … Read More

There are two points I want to highlight about the home energy credits. One, the new $1,200 energy credit is effective 1/1/2023. We are going to wait till after New Year to look into replacing our air conditioning for our home. For 2022 it’s a maximum of $500. Also, in the future they are going… Read More