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The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for...Read More

The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties. Required minimum distributions, or RMDs, are minimum amounts that many retirement plan and IRA account owners must generally withdraw annually...Read More

We are hiring, join our team! The open position we have at the moment: Administrative Assistant Location: Our office inLos Angeles, California. Send us an email!Read More

The Internal Revenue Service today reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end of the year. Moreover, for those...Read More

Imagine that your startup is transitioning from an idea to a legitimate company. There are a ton of things to think about and take into account. A professional bookkeeper could help you save money by ensuring that the invoices are paid on time and there are fewer human errors. We constantly hear from people that...Read More

The Internal Revenue Service today released a new set of tax gap estimates on tax years 2014 through 2016 showing the estimated gross tax gap increased to $496 billion, a rise of over $58 billion from the prior estimate. The gross tax gap is the difference between estimated ‘true’ tax liability for a given period...Read More

Because of a change in tax law, some online sellers may soon receive a tax form that few have seen before, a 1099-K. A law requires online marketplaces to send out a Form 1099-K for sales of $600 or more. Most casual sellers will not owe taxes on the sales, but that’s not always clear....Read More

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 in Notice...Read More

The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments. New for 2023 The Inflation Reduction Act extended certain energy related tax breaks and indexed for inflation the energy efficient...Read More

Make sure to be on time. We are accepting walk-ins today from 9:00 AM to 7:00 PM source: IRS.govRead More