Featured Articles & Tax Tips Blog
Welcome to the CPA Advisory Group’s Featured Articles Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to [email protected]. Enjoy the articles and subscribe to our newsletter for periodic email updates.
Consumer Fraud Reporting group lists top 10 scams of 2023
From ConsumerFraudReporting.org— Below is ConsumerFraudReporting.org's list of the top 10 scams of 2023, to date. The list is continually updated. We have a side-by-side comparison of other reporting agencies' top 10 scam lists here. The FTC's (Federal Trade...
New IRS group intensifies enforcement efforts
From Accounting Today — By Roger Russell — The working group being formed by the Internal Revenue Service to go after high-net-worth taxpayers that utilize pass-throughs and complex tax strategies to minimize their tax obligations has been called a...
Extension filers face Oct. 16 deadline for 2022 tax returns
From the IRS — WASHINGTON — The Internal Revenue Service is reminding taxpayers about the upcoming tax filing extension deadline. To avoid a possible late filing penalty, those who requested an extension to file their 2022 tax return should file their Form 1040 on...
Your first look at 2024 tax rates: Projected brackets, standard deductions, more
From Forbes — By Kelly Phillips Erb — The U.S. Bureau of Labor Statistics reported that the consumer price index (CPI) increased by 0.6% in August after rising 0.2% in July. You won't just feel the impact of those boosts in your wallet—you'll also see them on your...
IRS stops processing new Employee Retention Credit (ERC) claims
From Kiplinger Personal Finance — By Kelley R. Taylor — Due to an alarming onslaught of ERC scams and fraud, the IRS has stopped processing new employee retention tax credit claims. Due to an increase in ERC tax credit scams and fraud and to protect honest business...
Introducing SafeSend Returns® for tax return delivery
Dear Clients, We are pleased to offer SafeSend Returns as our new secure, electronic tax return delivery system. The client-friendly interface walks you through a guided process that includes on-screen review of your return, collecting IRS-compliant e-signatures on...
IRS reminds taxpayers to prepare for natural disasters
From the IRS — September is National Preparedness Month. With the peak of hurricane season just ahead, the Internal Revenue Service reminds taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2023. Taxpayers can begin...
IRS sent letters about possible ID theft; 2.5 million people just didn’t respond
From the Detroit Free Press — By Susan Tompor — Hard to imagine anyone just ignoring an IRS letter that flags a potential trouble spot involving fraud or ID theft. Or taxpayers not making a move to prove they are who they say they are to get their tax refund cash....
Self-employed have quarterly tax payments due in September
From The Ascent — By Maurie Backman — Self-employment can really be a mixed bag. On the one hand, it's nice to set your own hours and, in some cases, work from anywhere. On the other hand, being self-employed means grappling with an income that might vary...
Mid-year tax planning checklist notes
From Forbes — By Sean Hanlon — 2023 Federal Tax Forms 1099-DIV – Reports ordinary and qualified dividends and short- and long-term capital gains distributions for taxable and tax-exempt accounts. 1099-B – Reports exchange and redemption activity in non-IRA...
New rules for inherited IRAs could leave heirs with a hefty tax bill
From Kiplinger Personal Finance — By Sandra Block — Thanks to recent changes in the law on inherited IRAs, your tax bill from any inheritance could be larger than you expect. New rules for inherited IRAs could leave some heirs with a hefty tax bill. In the first...
Taxpayers see wave of summer email, text scam schemes
From the IRS — IRS urges extra caution with flood of scams involving Economic Impact Payments, Employee Retention Credits and tax refunds WASHINGTON — The Internal Revenue Service warned taxpayers today to be on the lookout for a summer surge of tax scams as identity...