Be mindful of statute of limitations for filing a request for income tax refund

  • December 7, 2022
  • ShindelRock

Filing a refund claim is rarely as simple as filing a Form 1120X, Amended U.S. Corporation Income Tax Return. Taxpayers must remain mindful of the procedural and strategic issues surrounding a refund claim, including the statutes of limitations for requesting...

SR Client Question: What is considered a “service” for 1099 reporting purposes?

In light of the higher penalties for failure to file Form 1099s correctly, examining your business' vendor payments is more important than ever before.  While many transactions will be fairly straightforward and clearly not merit a 1099-NEC, some vendor lines...

‘Tis the season: Real estate gifts must be appraised

If your holiday list this year includes gifts of real estate, the gifts must be appraised and made at their current fair market value per the IRS.  A detailed appraisal by a professional appraiser, who is thoroughly trained in the...

Guest Author Robert Steinberg of Blue Chip Partners: What you need to know about capital gains distributions

One of the most significant downsides of investing in mutual funds in non-retirement accounts is that they are required to make annual distributions of virtually all capital gains recognized during that year. This article highlights potential issues and steps that...

Check tax withholding amount now to prevent a big surprise in April

The Internal Revenue Service today urged taxpayers to check their tax withholding at Tax Withholding Estimator while there's time left in 2022 to benefit from any necessary changes.  An adjustment made now will help people avoid a big surprise, such...

2023 retirement contribution limit increases announced

The IRS has announced new contribution limit increases fro both 401(k) and IRA retirement savings plans: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500,...

New clarifications announced for hardship distributions from retirement plans

A retirement plan may, but is not required to, provide for hardship distributions. Many plans that provide for elective deferrals provide for hardship distributions. Thus, 401(k) plans, 403(b) plans, and 457(b) plans may permit hardship distributions. If a 401(k) plan...

Student loan debt forgiveness application is now open

The federal student loan debt forgiveness application is now open and must be completed by eligible borrowers by Dec. 31, 2023 to be considered for the program. The debt relief applies only to student loans obtained before June 30, 2022...

SCAM ALERT: Beware a new IRS-themed phishing scam via text

The Internal Revenue Service is warning taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information. So far in 2022, the IRS has identified and reported thousands of fraudulent domains tied to multiple MMS/SMS/text...

MICPA Connections: Three Steps for a Successful Firm Integration

Mergers and acquisitions (M&As) have been on a uptick in the accounting industry, but for CPA firm owners across Michigan, the process can succeed or fail based on the acquiring firm’s ability to successfully integrate the new business. Transitioning ownership of a firm is...