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Newsletters & Tax Updates

Feel free to browse our Newsletters & Tax Updates section. This information is updated daily.


January 9, 2023

Business Tax Filings – Schedule Your Appointment Now

Tax Consultation

Now is the perfect time to get started on your taxes.  Tax season is here and we are scheduling appointments to discuss your businesses tax and financial matters.  If you would like to set an appointment to meet with us please call (781-582-1136) or email

 

Documents needed to complete your tax returns

          Below is a list of documents and files we will need to begin work on your businesses tax returns:

  • A copy of your QuickBooks or Peachtree/ Sage file (Please provide us with a full backup copy)
  • Payroll Documents: 940, 941’s, W-3
  • New Equipment Purchases: Please provide us with any purchase & sales agreements for all new equipment purchases
  • Accounts Receivable at Year End
  • Accounts Payable at Year End
  • Year-end statements for all bank accounts
  • Year-end statements for all loans: please include year-end balances and interest paid 
 

Feel free to contact us at 781-582-1136 or click here to email us.  


January 9, 2023

1099

1099's Due 01/31/2023 to the IRS

The IRS requires that all businesses file the applicable 1099 forms by January 31, 2023. If your business has paid $600 or more to an independent contractor, individual, LLC, partnership, vendor, or certain corporations for services (including materials and parts), rents, proceed payments to attorneys, or medical and health care payments then your business is required to file a 1099-MISC.

Be mindful of the related penalties that are associated with failure to file and late filing of these forms, which can reach up to $250. 

We provide 1099 preparation services and can assist you with this process. Please contact us for more information.


 

 

Tax Alerts
Tax Briefing(s)

WASHINGTON—The Internal Revenue Service will be resuming issuing collections notices to taxpayers that were previously suspending during the COVID-19 pandemic, although a date on when they will begin to be sent out has not been set.


The Internal Revenue Service will use 2018 as the benchmark year for determining audit rates as it plans to increase enforcement for those individuals and businesses making more than $400,000 per year.


The Supreme Court has held that the exception to the notice requirement in Code Sec. 7609(c)(2)(D)(i) does not apply where a delinquent taxpayer has a legal interest in accounts or records summoned by the IRS under Code Sec. 7602(a). The IRS had entered official assessments against an individual for unpaid taxes and penalties, following which a revenue officer had issued summonses to three banks seeking financial records of several third parties, including the taxpayers. Subsequently, the taxpayers moved to quash the summonses. The District Court concluded that, under Code Sec. 7609(c)(2)(D)(i), no notice was required and that taxpayers, therefore, could not bring a motion to quash. 


An IRS notice provides interim guidance describing rules that the IRS intends to include in proposed regulations regarding the domestic content bonus credit requirements for:


A married couple’s petition for redetermination of an income tax deficiency was untimely where they electronically filed their petition from the central time zone but after the due date in the eastern time zone, where the Tax Court is located. Accordingly, the taxpayers’ case was dismissed for lack of jurisdiction.


Internal Revenue Service Commissioner Daniel Werfel said changes are coming to address racial disparities among those who get audited annually.


The American Institute of CPAs expressed support for legislation pending in the Senate that would redefine when electronic payments to the Internal Revenue Service are considered timely.


WASHINGTON—The Inflation Reduction Act Strategic Operating Plan was designed to be a living document, an Internal Revenue Service official said.

The plan, which outlines how the IRS plans to spend the additional nearly $80 billion in supplemental funds allocated to it in the Inflation Reduction Act, was written to be a "living document. It’s not meant to be something static that stays on the shelf and never gets updated, and just becomes an historic relic," Bridget Roberts, head of the IRS Transformation and Strategy Office, said May 5, 2023, at the ABA May Tax Meeting.


The IRS Independent Office of Appeals, in coordination with the National Taxpayer Advocate, has invited public feedback on how it can improve conference options for taxpayers and representatives who are not located near an Appeals office, encourage participation of taxpayers with limited English proficiency and ensure accessibility by persons with disabilities. Taxpayers can send their comments to ap.taxpayer.experience@irs.gov by July 10, 2023.


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