• Navigating the Tax Filing Season

    Navigating the Tax Filing Season

    As we awaken an hour early (or late) this morning, due to the time springing-forward, we find ourselves at the halfway point of the tax filing season. As the calendar flips to February 1, the tax filing season officially kicks off, marking the start of a crucial period for individuals and businesses alike. Spanning just…

  • The Evolution of Income Tax in the United States

    The Evolution of Income Tax in the United States

    A Historical Perspective Introduction The history of income tax in the United States is a fascinating journey that reflects the nation’s evolving economic policies, social values, and the complex relationship between government funding and taxpayer rights. This exploration provides a comprehensive understanding of how income tax has shaped and been shaped by American society over…

  • Qualified Domestic Relations Order

    Qualified Domestic Relations Order

    We recently had a new client in the office that had gone through a divorce and in the course of events, one spouse withdrew $80,000 prematurely from a 401-k in order to settle the property settlement. Because the attorneys involved did not address the issue, it cost the couple $8,000 in early withdrawal penalties that…

  • Understanding the March 15 Deadline for Passthrough Entities

    Understanding the March 15 Deadline for Passthrough Entities

    As the tax season approaches, it’s crucial for owners and members of passthrough entities, such as S-Corporations and Partnerships, to be aware of the critical deadlines that affect their tax filing responsibilities. One of the most important dates to remember is March 15. This deadline is set for these entities to file their tax returns,…

  • Today is Sunday March Third

    Today is Sunday March Third

    This past week was a very good one. As of Saturday March Second, we had prepared 969 tax returns. This puts well ahead of our goal, which is to file 1,050 by March Tenth (the half-way point of tax season). This past week we handled 821 telephone calls. There were 353 incoming calls and 468…

  • Form 1099-K

    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…

  • March 1 Tax Deadline

    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…

  • IRS begins Audits of Corporate Jet Usage

    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…