Starting this summer, some taxpayers have received an IRS notice CP14 indicating a balance is due on their 2023 Form 1040 return even though payments have already been made. This has affected taxpayers who paid electronically and by check for tax year 2023. The IRS has issued a statement that some of these notices have…

We have an important update to share with you regarding the new IRS update for those impacted by the train derailment. Here are some key takeaways: Tax-Free Payments:The IRS has classified the derailment as a disaster, what this means for you is that certain payment may be tax free. These include: Taxable Payments:However, some payments…

As the beginning of golf season (and summer) approaches, you may start taking clients out for networking and recruiting opportunities. We wanted to provide some tips to help you prepare for next tax season regarding these expenses. When you are taking note of “Meal & Entertainment” records, you may file them all away into a…

We wanted to inform you of some significant changes regarding the non-compete agreements as they may impact your business procedures. As a reminder, a non-compete is an agreement between an employer and employee that restricts certain geographic areas, industries, or competitors for a specific period following an employee’s departure from your company. Here are some…

This week has quickly become one of my favorite weeks of the year. The Masters tournament kicks off for those of us that are golf fans and I start to turn my focus to our strategies for the coming year. It’s been an unusual last few years in our business. So much so, that I’ve…

Here we go again… Congress is currently (slowly) working on pushing through a bill that would have rules that would be applied retroactively to 2023. The Tax Relief for American Families and Workers Act of 2024 is a bipartisan piece of legislation that passed, overwhelmingly, in the House of Representatives, but is currently stalled getting…

Hey All! The last few years have changed our industry drastically. We used to be able to start tax return preparation in January and go until April 15th. But, due to a variety of factors, the “tax season” has become more compressed than ever. As many of you are noticing, all of your tax forms…