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Form 1099-K
What taxpayers should do if they received a Form 1099-K in 2024 If a taxpayer sold goods or services in 2023 and received payments through certain payment apps or online marketplaces or accepted payment cards, they could have received a third party reporting document Form 1099-K, Payment Card and Third Party Network Transactions. Following feedback…
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March 1 Tax Deadline
Cook and Company reminds farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2023 federal income tax return and pay all taxes due by Friday, March 1, 2024. The special March 1, 2024, deadline allows farmers and fishers to avoid any estimated tax penalties. Though…
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IRS begins Audits of Corporate Jet Usage
Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced today plans to begin dozens of audits on business aircraft involving personal use. The audits will be focused on aircraft usage by large corporations, large partnerships and high-income taxpayers and whether for…
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Sunday Tax Blog
18 February 2024 Today is National Battery Day. Today is also Sunday, the only day we take a break from the hectic pace at the office during tax season. As of today, we’ve prepared and filed 614 tax returns. Telephone Traffic This past week we had 309 incoming telephone calls and 426 outgoing calls. The…
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Pass-Through Entities
Understanding the Tax Filing Due Dates for Pass-Through Entities In the realm of business taxation in the United States, understanding the intricacies of tax filing deadlines is crucial for entities to maintain compliance and optimize their tax responsibilities. Among these complexities are the filing due dates for pass-through entities, such as Subchapter S corporations (S…
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Are you Early or Late?
In the realm of tax filing, individuals tend to fall into one of two distinct camps: those who aim to file their taxes at the earliest opportunity and those who prefer to delay the process until the last conceivable moment. This division is not merely a matter of personal preference but reflects deeper attitudes towards…
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Michigan Clients Impacted by Severe Storms
Qualify for Tax Relief The Internal Revenue Service today announced tax relief for individuals and businesses in parts of Michigan affected by severe storms, tornadoes and flooding that began on Aug. 24, 2023. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. The…
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Home Energy Credits
If you make energy improvements to your home, tax credits are available for a portion of qualifying expenses. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. We’ll help you compare the credits and decide whether they apply to expenses you’ve already paid or will apply to…
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2024 Tax Season off to a Very Good Start
We are only 10 days into the tax filing season, and we have filed 410 tax returns, 36 more than this same time last year. While we are excited about the season getting off to such a good start, we are hopeful that our clients will take advantage of our online appointment scheduler if you…
