SkagitCountyTaxServices

SEPTEMBER 19, 2024

Here’s how you know (as quoted directly from the BOI reporting FAQ page ): “A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.” The rules are different if you created a business this year (2024) or start one after the deadline.

Tax 75

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CPA Practice

OCTOBER 12, 2023

It’s also important to note that some states classify using 529 funds for student loan repayments as non-qualified, potentially incurring state income tax. Starting in 2024, 529 plan owners will be allowed to convert tax- and penalty-free up to a lifetime limit of $35,000. 529 transfer. 529 distribution.

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CPA Practice

MAY 28, 2024

taxpayers living and working outside the United States must their 2023 federal income tax return by Monday, June 17, according to the IRS. are allowed an automatic two-month extension to file their tax return and pay any amount due. Individual Income Tax Return. Income Tax Return PDF. Report in U.S.

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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. Delays in processing amended tax returns and taxpayer correspondence. I encourage the IRS to put more emphasis on reducing its paper processing backlog in 2024.”

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Accounting Insight

JANUARY 16, 2025

From April 2024, taxpayers voluntarily joining MTD for ITSA has a new set of penalties for missing deadlines. Use online tools for calculating tax Using online accounting software like QuickBooks makes the whole process easier, as the software can help perform calculations for you.

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Reckon

MARCH 26, 2024

The ATO backtracks and calls in previously ‘written off’ tax debts In a move that has raised eyebrows and stoked backlash from at least two federal Ombudsmen in a recent report, the ATO has resurrected old tax debts that had been previously ‘written off’. Independent MP Andrew Wilkie also weighed in on the debate. per hour to $24.38

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CPA Practice

NOVEMBER 24, 2024

As the nation’s tax season approaches, the Internal Revenue Service is offering a variety of simple steps taxpayers can take now to prepare to file their 2024 federal tax returns. Our focus at the IRS continues to be on making tax filing easier and more accessible for everyone,” said IRS Commissioner Danny Werfel.

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CPA Practice

NOVEMBER 21, 2024

Before now, the second tax return had to be filed by paper. Filers who claim tax credits like the Earned Income Tax Credit and Child Tax Credit will especially benefit from this change, the IRS said. The agency is encouraging taxpayers who plan to file early in 2025 to sign up for an IP PIN before Nov.

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Nancy McClelland, LLC

JANUARY 11, 2025

Road sign announcing that tax season is ahead Big news! The IRS announced yesterday that tax season for 2024 returns will officially begin on January 27, 2025. If you do not file a tax return for three years after the due date, the IRS will no longer issue a refund. Past issues with fraud have been too pervasive.

Tax 52

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CPA Practice

JUNE 21, 2023

Biden agreed to reallocate $10 billion of the IRS’s funding in 2024 and another $10 billion in 2025 to other spending priorities. The IRS must give taxpayers robust online accounts that are comparable to accounts provided by banks and other financial institutions. billion was allocated for taxpayer services and only $4.8

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