4th Quarter Estimates due January 16, 2024

The Internal Revenue Service reminds taxpayers who pay estimated taxes that they have until January 16th to make their payment for the 4th quarter of tax year 2023 without penalty. Who needs to make a…

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New Voluntary Disclosure Program for Employers who Received Questionable Employee Retention Credits

The Internal Revenue Service launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERC claims in error. The special disclosure program…

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IRS Provides Tax Inflation Adjustments for tax year 2024

The Internal Revenue Service announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. New for 2024 The tax year…

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Year End Tax Planning for Businesses

As we wrap up 2023, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With the current political climate, there…

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Year End Tax Planning for Individuals

As we wrap up 2023, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With the current political climate, there…

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IRS Increases 401(K) and IRA Limits

The Internal Revenue Service announced the amounts individuals can contribute to their 401(k) plans and IRA in 2024. The contribution limit for employees who participate in 401(k), 403(b), and most 457…

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Updates for 1099-K Reporting Threshold for 3rd Party Platform Payments

The Internal Revenue Service announced a delay of the Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. As the IRS continues to work to implement the new…

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Beneficial Ownership Information Reporting under the Corporate Transparency Act

Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for…

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Have you Enrolled in Tax Caddy for Your Personal Return?

TaxCaddy is a software program designed to make gathering tax documents like 1099s, 1098s, and W-2s automatic and sharing them with Haefele Flanagan a breeze. But why take our word for it? Here are the…

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IRS Announces Withdrawal Process for Employee Retention Credit Claims

As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service today announced the details of a special withdrawal process to help those who filed an…

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