Alexa's Accounting

09/29/2025

Last call to get your Tax Rebate; deadline is October 1
Dear Taxpayer,

You may be eligible to receive a Property Tax Rebate of up to $400. All Montana taxpayers who owned and lived in an eligible residence for at least seven months in 2024 qualify for this rebate.

But don’t delay. The application deadline is October 1, 2025.

This is a one-time rebate for property taxes paid on your principal residence in 2024. Claiming your rebate this year is also important because it will automatically qualify you for reduced Homestead Tax Rates in 2026 if your ownership and residency status remains the same.

Applying is fast and easy. Simply visit GetMyRebate.mt.gov and have the following information ready:

The property's physical address
The property geocode (detailed instructions on finding your geocode can be found here).
The amount of property taxes you paid in 2024 (as shown on your 2024 tax bill).
The names and Social Security numbers of both the taxpayer and any spouse.
If you have any questions or need assistance, please visit the website or contact us at 406-444-6789. If you’ve already applied, you can check your rebate status here.

We want to make sure every eligible homeowner gets the tax relief they deserve. Don’t put it off, apply for your rebate today and be automatically qualified for the reduced Homestead property tax rate next year.

08/18/2025

Just a reminder for my MT homeowners! File your property tax rebate request between now and October 15th. Go to getmyrebate.mt.gov to file.

12/27/2024

12/27/24

Federal Court Again Blocks the Corporate Transparency Act

The latest in a series of quickly moving updates on federal Beneficial Ownership Information (BOI) reporting requirements is good news for small businesses and the fight to stop onerous federal regulations.

Yesterday, a federal appeals court decision reversed course from earlier this week, putting the Corporate Transparency Act (CTA) and its BOI reporting requirements on indefinite hold while the courts consider NFIB’s lawsuit challenging the Corporate Transparency Act, Texas Top Cop Shop, Inc., et al. v. Garland, et al.

As of this update – until or unless the courts decide differently – businesses are not required to comply with the CTA’s BOI reporting requirements.

Small business owners are encouraged to take action by sending a message to their lawmakers in the U.S. House and Senate, urging them to quickly and fully repeal the CTA. If you haven’t yet made your voice heard with your federal elected officials, click here to send them an email now.

12/23/2024

Please file your BOI if you have not done so by 12/31/24! Non Compliance holds hefty fines! This applies to all LLC's.

We have critical news regarding Beneficial Ownership Information (BOI) reporting. Earlier today, the 5th Circuit Court of Appeals lifted the injunction against FinCEN, reinstating the original filing deadline of January 1, 2025.

The AICPA is actively advocating for a delay, and Congress has considered similar measures, but no changes have been finalized. As of now, the January 1 deadline remains in effect.

12/05/2024

On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction that enjoins the federal government from enforcing the Corporate Transparency Act (the CTA).

The CTA, which went into effect January 1, 2024, requires “reporting companies” in the United States to disclose information about their beneficial owners — the individuals who ultimately own or control a company — to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

A group of six plaintiffs filed a lawsuit in May 2024 claiming that Congress exceeded its authority under the Constitution in passing the CTA. In a 79-page order issued by United States District Judge Amos L. Mazzant, the Court found that the plaintiffs were likely to succeed on the merits of their claims and, although the plaintiffs sought a preliminary injunction on behalf of only themselves and their members, the Court issued a nationwide injunction instead.

The Court’s order states that neither the CTA nor the implementing rules adopted by FinCEN may be enforced and that reporting companies need not comply with the CTA’s upcoming January 1, 2025 deadline for filing beneficial ownership reports.

The Court’s order is a preliminary injunction only and not a final decision. The Court’s order temporarily pauses enforcement of the CTA on a nationwide basis, but enforcement could resume if the Court’s order is overturned on appeal or the Government ultimately prevails on the merits.

Foley will continue monitoring developments in this area. In the meantime, please contact your Foley attorney with any questions you may have about the matters above or the CTA generally.

11/14/2024

Are you starting to hear about the BOI and if you don't file you can pay up to $500 per day in penalties and could go to jail for up to 2 years if you fail to comply? Well it is true! For anyone that has an LLC, Partnership, S-Corp or Corporation, you are required to file a Beneficial Ownership Information (BOI) with FinCen. This is new with the passing of the Corporate Transparency Act and is required as of 2024. Any New companies for 2024 only had 90 days to file the required BOI. If you had your company established prior to 1/1/24 you have until 12/31/24 to make your filing. When you file you will need the owners of the company and a copy of their drivers license or passport to electronically attach to the report.

Please file the necessary information at the following website:

-sidebar-menu { display: none !important; } iframe { position: relative; margin: 10px auto; display: block; } /* New */ .ui-accordion .ui-accordion-header { display: block; cursor: pointer; position: relative; margin: 2px 0 0 0; padding: 0.5em 0.5em 0.5em 0.7em; font-size: 100%; } .ui-accordio...

09/26/2024

For you that own your own house, please get those property tax rebates filed. You only have until Oct 1 to get your rebate.

08/22/2024

For all of my QuickBooks Desktop lovers, please be sure to have your renewals kept up to date. No New Desktop customers allowed after September 30! We all knew eventually they would move us all to the on-line platform, but for now we can keep our desktops as long as we are on the yearly subscription.

Here is the notice I received from Intuit.

Hello Valued Customer,
Late last year, we announced changes that will impact your clients. As a courtesy, we would like to remind you that the last date your clients can purchase a QuickBooks Desktop product is September 30, 2024.

After September 30, 2024, Intuit will no longer sell new subscriptions of the following Desktop products in the US:

QuickBooks Desktop Pro Plus
QuickBooks Desktop Premier Plus
QuickBooks Desktop Mac Plus
QuickBooks Desktop Enhanced Payroll
What is not changing:

Existing Desktop Pro Plus, Premier Plus, Mac Plus, and Enhanced Payroll subscribers can continue to renew their subscription after September 30, 2024*. We will continue to provide security updates, product updates, and support for existing subscribers.
All QuickBooks Desktop Enterprise subscriptions (Silver, Gold, Platinum, and Diamond) will continue to be available for purchase for new subscribers after September 30, 2024. Enterprise Gold, Platinum, and Diamond include integrated payroll.
Accountants can continue purchasing QuickBooks Accountant Desktop Solutions, including ProAdvisor bundles, through our Accountant Sales team after September 30, 2024* at 1-877-377-6839.
What actions to take with your clients:

While we strongly recommend encouraging your current QuickBooks Desktop clients to move to QuickBooks Online (for more info, click here), we realize that some customers may prefer to stay on QuickBooks Desktop at this time.
If you have clients on non-subscription versions of QuickBooks Desktop Pro, Premier, or Mac that wish to remain on Desktop, we recommend they purchase a QuickBooks Desktop Pro Plus, Premier Plus, or Mac Plus subscription through our sales team before September 30, 2024. As a reminder, if your client's current QuickBooks product is no longer supported, they do not receive critical security updates which may expose their financial data to security vulnerabilities.
If you have Pro Plus or Premier Plus clients that have been considering Desktop Payroll, we recommend they purchase a QuickBooks Enhanced Payroll subscription before September 30, 2024 or upgrade to QuickBooks Enterprise Gold, Platinum, or Diamond, which include integrated Payroll and can be purchased after September 30, 2024. Alternatively, QuickBooks Online Payroll is available to Desktop clients and is a standalone full-service payroll solution that also offers HR support, Health, and 401K benefits.*
We also recommend that all of your QuickBooks Desktop clients upgrade to the latest version by September 30, 2024. QuickBooks Desktop 2024 includes the latest features and security updates. If your clients are on an active QuickBooks Desktop Plus subscription, they have access to QuickBooks Desktop 2024 with no additional charge and simply have to install the update.
QuickBooks Desktop Product Line-up Changes FAQ

We appreciate you and your clients' loyalty to the Desktop platform over the years, and we will continue to support those customers on a Desktop subscription after September 30, 2024*. However, we highly encourage you to prepare your clients for the future by helping them move online. There are many benefits enabled by an online platform that can't be realized through desktop software, including time savings, the flexibility to work from anywhere, and a customizable ecosystem of connected business solutions. To help you prepare to move your clients online, we've created dedicated support materials written by accountants who have successfully migrated their own clients and want to help pave the way for yours. Keep an eye out for additional resources as we help you manage through this change with your clients.

Thank you for your business and your continued support of QuickBooks.

Sincerely,

The QuickBooks Team

Have ideas for how we could improve? Send us your feedback

08/22/2024

August 15th was the first day to file for your MT property tax rebate. Remember there is a limited time to do this, the sooner the better! Sign into getmyrebate.mt.gov and follow the directions, it should only take about 5 minutes to complete.

04/22/2024

IRS offers several payment options, including help for those struggling to pay

Taxpayers have a variety of options to consider when paying federal taxes. Electronic payment options are the best way to make a tax payment.

For taxpayers who cannot pay in full, the IRS encourages them to pay what they can and explore a variety of payment options available for the remaining balance, including getting a loan to pay the amount due. In many cases, loan costs may be lower than the combination of interest and penalties the IRS must charge by law.

The IRS also urges taxpayers not to wait to respond to a notice. Notices and letters provide taxpayers with information about the actions they need to take. Many notices have QR codes that help direct taxpayers to their online tax accounts. In addition, these letters inform the taxpayer of the status of their unpaid balance, options for resolution and their rights in the collection process.

For taxpayers who can't pay their tax bill in full, the IRS offers several options to help them meet their obligations. IRS payment options are available at IRS.gov/payments.

Options for paying electronically

Direct Pay – Individual taxpayers can use Direct Pay for up to two payments each day. Direct Pay lets taxpayers pay online directly from a checking or savings account for free and schedule payments up to 365 days in advance. They'll receive an email confirmation of their payments.
Electronic Federal Tax Payment System (EFTPS) – The best payment option for individual taxpayers or businesses making large payments is the EFTPS, which allows up to five payments per day. The system requires enrollment. Taxpayers can schedule payments up to 365 days in advance and opt in to receive email notifications about their payments.
Electronic funds withdrawal – Individual taxpayers and businesses can pay when they file electronically using tax software online. If they're using a tax preparer, they can ask the preparer to make the tax payment through an electronic funds withdrawal from a bank account.
Payment processor – Individual taxpayers and businesses can choose to pay with a credit card, debit card or digital wallet through a payment processor. Although processing fees apply, no part of those go to the IRS.
IRS Online Account – Individual taxpayers have the option to create and sign into an IRS Online Account to pay from there. Online Account allows taxpayers to view:
The amount they owe.
Payment history and any scheduled or pending payments.
Payment plan details.
Digital copies of select notices from the IRS.
Paying by check, money order or cashier's check

If they’re paying an income tax liability that's currently due without an accompanying income tax return, taxpayers paying by check, money order or cashier's check should include Form 1040-V, Payment Voucher, with the payment.

Mail the payment to the correct address by state or form. Don't send cash through the mail. Indicate on the check memo line the specific tax year to which the IRS should apply the payment.
Those paying when filing their current year's income tax return shouldn't staple or paperclip the payment to the return. For more information go to Pay by Check or Money Order on IRS.gov.
Paying by cash

Individuals and businesses preferring to pay in cash can do so at a participating retail store. There's a $500 limit per payment, and processing fees apply.

Other options

Most taxpayers also have the following payment options if they can't pay in full now:

Payment plans –Taxpayers who owe but can’t pay in full don’t have to wait for a tax bill to set up a payment plan (or installment agreement) to pay off an outstanding balance over time. Most taxpayers qualify and can set up a payment plan through the Online Payment Agreement (OPA) tool, as well as using IRS text or voice bots. Once taxpayers complete the online application, they receive immediate notification of whether the IRS has approved their payment plan. Taxpayers can set up a plan using OPA in minutes. There's no paperwork and no need to call, write or visit the IRS. Setup fees may apply for some types of plans.
Offer in Compromise – An Offer in Compromise allows qualifying taxpayers to settle their tax liabilities for less than the total amount they owe. To help determine their eligibility, they can use the Offer in Compromise Pre-Qualifier tool.
Temporarily Delaying Collection – Taxpayers can contact the IRS to request a temporary delay of the collection process. If the IRS determines a taxpayer is unable to pay, it may delay collection until the taxpayer's financial condition improves. Penalties and interest continue to accrue until the taxpayer pays the full amount.

04/18/2024

Be ready for next year: IRS Tax Withholding Estimator helps ensure withholdings are correct for 2024

WASHINGTON The IRS encourages taxpayers to use the IRS Tax Withholding Estimator to ensure they’re withholding the correct amount of tax from their pay in 2024.

This digital tool provides workers, self-employed individuals and retirees with wage income a user-friendly resource to effectively adjust the amount of income tax withheld from their wages.

The Tax Withholding Estimator will help taxpayers avoid unwanted results in 2024 if the refund for their 2023 return was too large, too small or if they received a surprise tax amount due.

Benefits of using the Estimator

For employed individuals, withholding refers to the federal income tax amount deducted from their paycheck. Taxpayers can use the Tax Withholding Estimator's findings to decide whether they should fill out a new Form W-4 and give it to their employer. This process can, for instance:

Ensure the correct tax amount is withheld, preventing a surprise tax bill or penalty during tax season, and
Decide whether to reduce upfront tax withholding, increasing take-home pay and potentially reducing any tax refund at the end of the tax year.
When should taxpayers use this tool?

The IRS suggests taxpayers review their withholding at least once annually. For anyone who’s recently completed their 2023 return, now is an ideal time to do so. It's also wise to use this tool after significant life events like marriage, divorce, buying a home or having a child.

When using the withholding calculator taxpayers should consider all forms of income, including part-time work, side jobs or the sale of goods or services commonly reported on Form 1099-K.

What records are needed?

The Tax Withholding Estimator’s results are only as accurate as the information entered. To help prepare, the IRS recommends taxpayers gather:

Their most recent pay statements, and if married, for their spouse,
Information for other sources of income, and
Their most recent income tax return in 2023, if possible.
While the Tax Withholding Estimator works for most taxpayers, people with more complex tax situations should instead use the instructions in Publication 505, Tax Withholding and Estimated Tax. This includes taxpayers who owe alternative minimum tax or certain other taxes, and people with long-term capital gains or qualified dividends.

Additional information

Tax Withholding Estimator FAQs

Paycheck Checkup

01/22/2024

he IRS Never Goes Phishing

Phishing is the practice of sending fraudulent communications disguised to appear to be from a reputable source. These attacks, usually through email but increasingly through text messages, are an attempt to try to steal personal and financial information.

The IRS does not request personal or financial information from taxpayers by email. This includes any type of electronic communication, such as text messages and social media channels.

If you receive a suspicious IRS-related communication:

Don’t reply to the sender.
Don't click, save, or open any attachments. They can contain malicious code that may infect your computer or mobile phone.
Don't click on any links. Visit our identity protection page if you clicked on links in a suspicious email or website and entered confidential information.
Immediately forward the entire message, with the full email headers, to [email protected]. Don't forward scanned images because this removes valuable information.
Delete the original email.
For additional information and resources, please visit Report Phishing and Online Scams.