We want to make you aware of an IRS notice issue that is currently affecting many taxpayers this filing season. The IRS has confirmed that CP53E notices are legitimate notices issued by the IRS and are not scams. However, many taxpayers have reported receiving these notices even when their tax return reflected a balance due…

Important: Please have your most recent tax return available. You will need to enter information from that return to verify your identity. Option 1: Direct Pay with bank account (no fee) 1. Go to https://www.irs.gov/payments . 2. Click on “Direct Pay with bank account”. 3. Scroll down and click on “Pay individual tax”. 4. Click…

January 31st is the deadline for businesses to issue 1099-NEC, 1099-MISC, 1099-INT, 1099-DIV, 1099-K and W-2s. Copies of these are sent to various agencies when issued. Financial institutions have until February 15th 2025 to send their information. If you have a business (Schedule C, Schedule E, Partnership, Sub S or C Corp) and you paid…

On May 2021, Washington Governor Jay Inslee signed legislation ESSB 5096, which enacted a capital gains tax equal to 7% of a Washington resident’s adjusted long-term capital gains. This new 7% capital gains tax is on the sale or exchange of long-term assets including stocks, bonds, and other types of assets and investments. This capital…

1099Ks come from third-party vendors who handle electronic payments of which most common are debit and credit card payments. They are also sent to the various tax agencies to reconcile business records with the tax returns. This would apply to people who use the vendors to accept payment for business, hobby, and personal sales. Originally…

As a reminder Oregon Department of Revenue in 2023 stopped mailing out Form 1099-G which reports state tax refunds to taxpayers. Only taxpayers who itemized deductions on the federal return for tax year 2023 will need a Form 1099-G to file their tax year 2024 return. Taxpayers with a Revenue Online account will receive an…

This is a reporting system started by FINCEN (Financial Crimes Enforcement Network). The acronym is BOI. This reports to the government who gets benefit of ownership or has decision making capabilities for companies in business. This applies to any company or entity that is registered with the State Corporation Division. Currently these are LLCs, (Limited…

This varies with type of plans, type of recipient, age of recipient, and current revisions. Currently a beneficiary of an inherited plan has 10 years to withdraw at a regular annual rate for death of owner occurring in 2020 or later. Qualifying Designated Beneficiaries may take the distributions over their lifetimes starting with the first…

Issue Number: Tax Tip 2022-15 Taxpayers beware: Tax season is prime time for phone scams With the new tax season starting this week, the IRS reminds taxpayers to be aware that criminals continue to make aggressive calls posing as IRS agents in hopes of stealing taxpayer money or personal information. Here are some telltale signs of…

Our Playbook Tips for Tax Year 2021: Start Gathering Tax Information & Documents Now to Prepare Your Tax Returns.  Use the checklist below to gather data! Special Note:  You may want to consider speaking with your Financial Advisor about Roth IRA rule changes before year end.   In January, 2022, we will be emailing our…