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H&R Block Faces $7M Fine From FTC
Announced in early January, 2025, H&R Block has settled a complaint from the Federal Trade Commission for the amount of $7M. This order...
sarahmckinley0811
Feb 241 min read
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What Is the 2024 Threshold For Issuing Form 1099-K?
A form 1099-K is issued by third-party networks, such as PayPal, Venmo, Ebay, Square, etc. For 2024, they will issue form 1099-K if the...
sarahmckinley0811
Feb 171 min read
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How Will The AMT Affect Taxpayers Over The Next Few Years?
The 2017 Tax Cuts and Jobs Act kept the individual AMT (Alternative Minimum Tax) on the books, but it reduced its impact until the end of...
sarahmckinley0811
Feb 121 min read
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How Does My Income Affect Medicare Part B Premiums?
The Medicare Part B monthly premium will rise to $185 for 2025. However, upper-income seniors have to pay even higher Part B and D...
sarahmckinley0811
Feb 81 min read
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What is a QCD, and How Can It Reduce My Taxes?
A Qualified Charitable Distribution is when you have an IRA distribution paid directly to a charity. IRA owners who are 70 ½ and older...
sarahmckinley0811
Feb 11 min read
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Business Owners, The Payment Card Settlement Deadline Has Been Extended
No, this is not a scam. There is a class action settlement for all businesses that accepted debit and credit cards at any time between...
sarahmckinley0811
Jan 271 min read
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How Can We Expect Tax Policy To Change Now That The Election Is Over?
Assuming Trump is installed as president, we can expect to see a shift to the right. The Republicans will have the White House and both...
sarahmckinley0811
Jan 231 min read
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Breaking Update #2: IRS Is Sending Up To $1,400 to 1 Million Americans
Here is a link to the IRS announcement: https://www.irs.gov/newsroom/irs-announces-special-payments-going-this-month-to-1-million-taxpa...
sarahmckinley0811
Jan 181 min read
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Breaking Update #1: The BOI Filing Requirement for Business Owners
On Monday, December 23, 2024, the 5th Circuit Court of Appeals has granted the government’s emergency motion to stay the Texas court’s...
sarahmckinley0811
Jan 131 min read
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Can You Take a Tax Deduction for a Natural Disaster?
It depends. Yes, you can take a deduction for damages due to a natural disaster that has been declared a federal disaster. This is...
sarahmckinley0811
Nov 30, 20241 min read
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Another Tax Filing Extension For Those Affected by Hurricanes Helene and Milton
For those who timely filed a 2023 tax extension, your extension has been extended again. For taxpayers whose address, or whose tax...
sarahmckinley0811
Nov 27, 20241 min read
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2025 Social Security COLA Increase has been Released
The 2024 COLA increase was 3.2%. The newly released Social Security COLA (Cost of Living Adjustment) increase for 2025 is 2.5%. This...
sarahmckinley0811
Nov 25, 20241 min read
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Is Life Insurance Proceeds Taxable?
Normally, life insurance death benefit is not taxable. If you cash in a cash value policy, then any amount above premiums paid in will be...
sarahmckinley0811
Nov 22, 20241 min read
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BOI Business Report Filing Deadline Is Approaching
This is a requirement brand new for 2024. This report is separate from the FL Sunbiz annual report filing. The Business Ownership...
sarahmckinley0811
Nov 19, 20241 min read
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What Is All The Talk About the BOI Report?
This is a requirement brand new for 2024. This report is distinctly separate from the FL Sunbiz annual report filing. The Business...
sarahmckinley0811
Nov 14, 20241 min read
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Business Owners, Do You Have a Succession Plan?
We have all probably known, or have at least heard of a business owner dying and having no succession plan in place. Oftentimes, even...
sarahmckinley0811
Nov 12, 20242 min read
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What is FIRPTA?
This topic recently came up with a client. This is the law that requires the buyer of a US property that is sold by a foreigner to...
sarahmckinley0811
Nov 8, 20241 min read
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The Significance of The Passage of Time
Confession time for Shawn, here. My wife and I purchased a used timeshare back in 2001 or so for $3,000. The original price was around...
sarahmckinley0811
Nov 6, 20242 min read
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Still Got Tax Questions?
We’ve got answers. If you have any questions, or need to discuss a tax situation for this year or next, then please contact us. We can...
sarahmckinley0811
Oct 19, 20241 min read
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IRS Provides Clarity on Inherited IRA Distribution Rules
Eligible designated beneficiaries (surviving spouse, minor children, chronically ill or disabled, and people no more than 10 years...
sarahmckinley0811
Oct 16, 20241 min read
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