The SECURE 2.0 Act of 2022 brought sweeping changes to the retirement plan landscape. Many of those provisions are now operationally effective, and plan sponsors face a fast-approaching deadline to formalize the required written amendments. For advisors helping clients maintain compliant retirement plans, understanding what must happen, and when, is essential. The December 31, 2026… [keep reading…]
Tag: IRS
Filed an Extension? How to Use the Time Between Now and October 15th
Filing a tax extension buys you time, but only if you use it wisely. From revisiting your April payment estimate to gathering missing documents and staying on top of current-year obligations, the months between now and October 15th are a valuable planning window. Read on to learn how to make the most of your extension and avoid a costly repeat of the same tax challenges next year.
Potential Refund Opportunities for IRS Interest and Penalties Following Kwong v. United States
It is important for you to be aware that a recent federal court decision in Kwong v. United States (“Kwong”) has opened the door for certain taxpayers to pursue refunds of IRS-assessed interest and penalties, particularly in situations involving late payment or estimated tax underpayments during the period between 1/20/2020 and 7/11/2023. While the ruling… [keep reading…]
Client Advisory: IRS CP53E Letters and Emerging Scam Activity
In recent weeks, we have seen an uptick in scam activity involving IRS Notice CP53E from the Internal Revenue Service. While CP53E letters are a legitimate form of IRS correspondence, fraudsters are exploiting them to obtain sensitive financial and personal information from taxpayers. Scammers replicate the format and language of official IRS notices to create… [keep reading…]
Tax Tip Tuesday – Ways to Spot and Avoid Scams During Tax Season
Be sure to watch for urgent requests, pressure to act quickly, and offers that seem too good to be true. This would include unsolicited contact, requests for personal information and unusual payment methods (wire transfers, gift cards). Recent scams include the following: (1) Impersonation scams, where the scammer pretends to be from a trusted entity… [keep reading…]
Tax Tip Tuesday – Verifying Federal and New York Refund Status
If you are anticipating a refund from either the IRS or the State of New York and you want to determine the status, you can access online tools via the agencies’ websites to obtain a status update. 1. Federal Refund Status Use the ‘Where’s My Refund? tool at IRS.gov. Required information: Social Security Number, filing… [keep reading…]
IRS Clarifies 100% First-Year Bonus Depreciation Rules
The IRS recently issued new guidance clarifying how the permanent 100% bonus depreciation deduction will work moving forward. This allows businesses to fully deduct the cost of qualified property in the year it’s placed in service, rather than depreciating it over several years.
Important Update: IRS to Eliminate Paper Checks Starting September 30, 2025
Beginning September 30, 2025, the federal government will no longer issue paper checks for any tax refunds due. Going forward a bank account must be provided to receive your tax refund. Additionally, the IRS will “as soon as practicable” no longer accept paper checks for most payments, including estimated tax payments, return balances due, and extension payments. This shift… [keep reading…]
What to Do if You Receive a Notice From the IRS
Did you receive a letter from the IRS? Learn what steps you should take and mistakes to avoid in responding to a notice.
2020 Income Tax Refunds
The IRS has acknowledged that numerous 2020 refunds have been held up and are still being processed, with even some taxpayers that filed at the start of the filing season still waiting for their refunds. The IRS has clarified that some tax returns take longer to process than others, including when a return: Includes errors… [keep reading…]