Departure of Lex, Our Longstanding Administrative Assistant
Dear all, I hope this message finds you well. I am writing to inform you of a significant change within our firm that may have already come to your attention. After an incredible 40 years of dedicated service, our esteemed Administrative Assistant, Lex, has retired. Lex has been an integral part of our organization, serving […]
2022 Filing and Payment Deadlines Extended to November 16
On October 16, 2023, the IRS and FTB announced that the tax year 2022 federal and California income tax filing and payment due date will be further postponed until November 16, 2023. This postponement is again for victims of the California winter storms and includes individuals and businesses who reside in, or whose principal place […]
IRS to Stop Processing Employee Retention Tax Credit Claims
The IRS issued a notice last Thursday ordering an immediate stop to processing all new claims for the Employee Retention Tax Credit (ERTC). This comes amid a surge of questionable claims and concerns about aggressive marketing to ineligible taxpayers. Here are the highlights that you should be aware of: Immediate moratorium through at least the […]
Updates on Deadline Extensions for Californians Impacted by Winter Storms
The IRS and FTB have recently granted additional tax relief to eligible Californians due to the winter storms. As provided in our January announcement, federal and state tax relief measures were enacted to give Californians until May 15, 2023 to file individual and business tax returns and make required payments. The deadline has now been […]
2023 Inflation Adjustments for Estate and Gift Tax
The IRS recently announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions as detailed in Revenue Procedure 2022-38. Included in the list of tax changes are increases for estate and gift tax exemptions, providing additional tax planning opportunities for the new year. Unified Credit Against Estate & Gift Tax For […]
2023 Paychex Tax Bulletin
This tax bulletin provides you with tax information for 2023 and reminders about Forms W-4, W-5, and I-9. We have included a separate bulletin with information for your employees. Please post the employee bulletin in an area where your employees can easily see it. Download
Inherited IRA Required Minimum Distribution Relief
On October 12, 2022, the IRS released Notice 2022-53, which provides welcomed relief for taxpayers who have inherited an individual retirement account (an “IRA”) in recent years. Background Historically, beneficiaries of an inherited IRA were required to withdraw the funds based on whether the original IRA owner had begun taking distributions at the time of […]
Tax Deferral Through Like-Kind Exchange
A Section 1031 exchange (also known as a like-kind exchange) allows commercial or investment real estate owners to avoid capital gains tax when selling the property by swapping qualifying properties. This article notes that recent legislation has cracked down on Sec. 1031 exchanges, but currently it’s still possible to use this technique for qualified real […]
