Tax-Free Student Loan Help from the IRS
September 08, 2023Get Tax-free Help with Student Loan Program from the IRS The Internal Revenue Service will host a free webinar on September 14, 2023. The webinar is to educate employers on how to can set up educational assistance programs for student loan repayment. Employers can help employees with student loan repayments, which are coming due for… Read more »
Illinois Education Expense Credit and More Back to School Tax Benefits
August 24, 2023You May be Eligible for Back-to-School Expense Tax Benefits With the new school year upon us, you may be able to claim school expenses for K-12 students on your 2023 Illinois individual income tax returns. Utilizing the Illinois Education Expense Credit you can receive tax benefits. Qualified educational expenses for parents and guardians include: tuition… Read more »
Reminders to Avoid Identity Theft
August 23, 2023Important Reminders to avoid Identity Theft Risk Tax-related identity theft scams continue to grow with a regular bombardment of scams and schemes that seek to gain access to sensitive information. These schemes continue to evolve and ensnare victims. We want to share information from the IRS to help you avoid identity theft. Anthony J. Madonia… Read more »
IRS Mistakenly ‘Deceased Locked’ Taxpayer Accounts
August 18, 2023Living or Dead? IRS Isn’t Sure and Makes Too Many Deceased Locked. The Internal Revenue Service (IRS) developed an indicator to lock the accounts of millions of taxpayers whom the agency assumed had died. This is known as Deceased Locked. They did this to prevent identity theft and filing of fraudulent tax returns. Sadly, the… Read more »
IRS Launches Paperless Processing Initiative
August 18, 2023Paperless Processing Becomes the Rallying Cry at IRS The Internal Revenue Service hopes to process all the tax correspondence, notice responses and nontax forms it receives digitally (electronically) in the next two years. To do so, they have launched the “paperless processing initiative.” Now, taxpayers will have the option to go paperless for IRS correspondence… Read more »
Reminder on Beneficial Ownership Reporting
August 17, 2023Fact Sheet on Beneficial Ownership Reporting The Corporate Transparency Act of 2021 requires corporations, LLCs, and other entities formed under state law (domestic reporting companies) or similar entities formed under foreign law and registered to do business in the U.S. (foreign reporting companies) to report their beneficial ownership to FinCEN — the Financial Crimes Enforcement… Read more »
August Is National “Make a Will” Month
August 17, 2023Celebrate National “Make a Will” Month August is National “Make a Will” Month, and it’s a great annual reminder to update your will if needed and create a will if you don’t have one already. A will is an important estate planning document that can help you transfer your assets with ease. Having a proper… Read more »
Americans have More Savings than Before the Pandemic
August 01, 2023Americans have More Savings than Before the Pandemic According to New Report A recent report from The Washington Post based on data released by JPMorgan Chase Institute finds American savings accounts are up. Despite the challenges posed by inflation, Americans are in a better financial position now compared to before the pandemic. Recent data indicates… Read more »
Taxpayers to Receive Transition Relief for RMDs
August 01, 2023IRS Adds Transition Relief for RMDs There is ongoing confusion about required minimum distributions (RMDs). Therefore, the IRS has found it necessary to give limited transition relief to both IRA owners and beneficiaries. The SECURE 2.0 Act of 2022 included many changes in retirement planning. Starting in 2023, these changes take effect including moving up… Read more »
Warning Hot Summertime IRS Scams
August 01, 2023IRS Scams on the Rise Like the Summer Heat The IRS recently announced a surge in tax scams this summer. The scams are coming to taxpayers via email and text messages. They promise tax refunds and quick fixes to tax problems. They are all illegal and dishonest. One of the more prominent email scams… Read more »