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Health Insurance and Dependents Age 26
Important Change Due to a mandated change from the Centers for Medicare and Medicaid Services (CMS), beginning January 1, 2024, dependents will now remain on your health plan until the end of the plan year in which the dependent turns 26 instead of being removed the first of the month following their 26th birthday. The…
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Art Donations
IRS warns taxpayers of improper art donation deduction promotions; highlights common red flags The Internal Revenue Service is warning taxpayers to watch for promotions involving exaggerated art donation deductions that can target high-income filers and offered special tips for people to use to avoid getting caught in a scheme. There are ways for taxpayers to…
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Upcoming Tax Deadline
We are running out of time… If we are waiting on information from you in order to complete your tax filings by the October 16th deadline, please be aware of the following. Monday October 9th is Columbus Day, a federal and state recognized holiday. Because our office will be closed, the short week will reduce…
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Tax Relief for Farmers
IRS extends relief to farmers and ranchers in 49 states, other areas impacted by drought; more time to replace livestock Eligible farmers and ranchers forced to sell livestock due to drought may have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales. The…
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Business Travel Expenses
Employers Paying Per Diem to Employees Generally, in lieu of actual lodging, meal, and incidental expenses incurred, a payer may consider substantiated, for federal tax purposes, an employee’s expenses incurred for employment-related travel in an amount up to or equaling the federal per diem rate for the locality of travel. Continental United States (CONUS) The…
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New Energy Efficient Homes
Builders of new energy efficient homes may qualify for an expanded tax credit Eligible contractors who build or substantially reconstruct qualified new energy efficient homes may be eligible for a tax credit up to $5,000 per home. The actual amount of the credit depends on eligibility requirements such as the type of home, the home’s…
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Congratulations Shelby Bennett
Shelby just received her Associate in Applied Science Accounting degree from Wallace State Community College. She immediately began her studies for a Batchelor degree at Athens State. Obtaining a college degree requires hard work and devotion. It is a journey that demands dedication, perseverance, and a strong commitment to one’s goals. It is important to note that the…
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Report of Cash Payments
Businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, beginning January 1, 2024 The Internal Revenue Service today announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending…
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Labor Day Weekend
Our office will be closed Monday, September 4, 2023 for Labor Day.
