VAN DE VEN CPAs + BUSINESS CONSULTANTS

VAN DE VEN CPAs + BUSINESS CONSULTANTS CPA firm focused on Audit, Tax & Consulting for Individuals & Small/Medium Size Businesses

The top federal income tax rate has historically been higher — much higher
05/31/2026

The top federal income tax rate has historically been higher — much higher

Debt forgiveness may result in taxes owed. Under federal tax law, gross income generally includes cancellation of debt i...
05/30/2026

Debt forgiveness may result in taxes owed. Under federal tax law, gross income generally includes cancellation of debt income when a lender forgives all or part of a debt. However, there are exceptions. Debt discharged as part of a Chapter 7 or Chapter 13 bankruptcy case is generally excluded from income. Also, it may be nontaxable if you can prove to the IRS that you were insolvent when your lender canceled your debt. In addition, forgiveness of certain student loans and cancellation of debt due to the borrower’s death or total disability are usually nontaxable. After a debt is canceled, your lender may send you a Form 1099-C detailing the amount. Contact us if you have questions.

If you receive a letter from the IRS, don’t discard it! Most IRS letters or notices relate to federal tax returns or tax...
05/29/2026

If you receive a letter from the IRS, don’t discard it! Most IRS letters or notices relate to federal tax returns or tax accounts. A letter may reference changes to your account, taxes owed, a payment request, or a specific issue or credit on a tax return. You don’t need to respond unless the notice specifically instructs you to do so, but keep a copy for your records. If you need to call the IRS, use the number in the upper right corner of the notice and have the letter and a copy of your tax return on hand. If you have questions, contact us. We can help you understand the notice and determine whether any action is needed. For more information from the IRS: https://bit.ly/4nv6ZQJ

Manufacturers and some other businesses may now be eligible to deduct 100% of the cost of qualified production property ...
05/29/2026

Manufacturers and some other businesses may now be eligible to deduct 100% of the cost of qualified production property (QPP). Recently issued IRS guidance provides some clarification on this potentially valuable deduction. Learn more by visiting our blog at https://bit.ly/3tpPdUL

The IRS is offering a limited-time settlement opportunity for eligible taxpayers involved in conservation easement dispu...
05/29/2026

The IRS is offering a limited-time settlement opportunity for eligible taxpayers involved in conservation easement disputes. A conservation easement generally restricts the use of property to preserve land or meet other conservation goals and may qualify for a charitable tax deduction based on the easement’s value. However, the IRS continues to challenge abusive transactions involving inflated valuations and deductions that far exceed the actual amount invested. Taxpayers who participate in abusive easement arrangements may incur penalties and must pay back taxes and interest. For details on the settlement relief: https://bit.ly/4wCoB1x

The IRS and other federal agencies have proposed new rules that could expand employers’ ability to provide fertility ben...
05/28/2026

The IRS and other federal agencies have proposed new rules that could expand employers’ ability to provide fertility benefits to employees as early as plan years starting Jan. 1, 2027. If finalized, the rules would create a new category of “limited excepted benefits” for fertility care, allowing services such as IVF, fertility medications, and infertility diagnosis and treatment to be offered outside many Affordable Care Act requirements, if certain conditions are met. Plans could include a lifetime benefit cap of up to $120,000 per participant (adjusted for inflation). Premiums could be paid with pre-tax dollars, potentially reducing employer and employee tax liabilities.

After you’ve filed your 2025 tax return, what’s next? Here are a few to-dos: 1) Check your refund status by going to irs...
05/28/2026

After you’ve filed your 2025 tax return, what’s next? Here are a few to-dos: 1) Check your refund status by going to irs.gov and either logging into your IRS account or using the refund tracker. 2) If you forgot to report some deductible 2025 expenses (or anything else), file an amended tax return to claim those deductions and potentially increase your refund. 3) Store your return and supporting documents in a secure place where you’ll easily be able to find them if needed. 4) Turn your tax focus to 2026 planning. We can help project your income, deductions and credits for the year and propose strategies you can implement in the coming months to reduce your taxes. Contact us to get started.

Importers awaiting tariff refunds should ensure their banking information is up to date, because some payments are on ho...
05/28/2026

Importers awaiting tariff refunds should ensure their banking information is up to date, because some payments are on hold pending account verification. Approximately $35.5 billion in refunds is currently being issued to importers who filed for refunds after the U.S. Supreme Court ruled certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal. A May 12, 2026, court filing states that payments processed through the new online government portal (https://bit.ly/3PE2Lda ) will include interest on duties paid. To date, nearly 87,000 declarations have been validated, and over 8.3 million entries have been reprocessed to remove IEEPA duties.

Do you care for a relative or someone else and receive Medicaid waiver payments (MWPs) as compensation? These payments a...
05/27/2026

Do you care for a relative or someone else and receive Medicaid waiver payments (MWPs) as compensation? These payments are generally tax-exempt. For you to exclude MWPs from income, the payments must be issued by your state’s MWP program, you need to live in the home with the Medicaid patient and you must not care for more than five or 10 patients (depending on their age) at a time. Even though MWPs are usually excluded from taxable income, you may receive a Form W-2 or Form 1099 reflecting the payments. Contact us for help reporting this income or view the IRS’s FAQs (https://bit.ly/4eI8zg6 ) for more information.

Many businesses offer flexible spending accounts (FSAs) for health care and dependent care. One potential drawback is th...
05/27/2026

Many businesses offer flexible spending accounts (FSAs) for health care and dependent care. One potential drawback is the use-it-or-lose-it rule. Under IRS cafeteria plan rules, unused amounts generally are forfeited after any applicable grace period or permitted health care FSA carryover. Employers may retain forfeitures, often to offset plan costs. If not retained, the funds may be used to reduce the employee contributions that would be required to reach certain FSA balances for the next plan year or returned to employees, provided these amounts are allocated on a reasonable and uniform basis. Contact us to for help reviewing your plan and ensuring forfeitures are handled properly.

Address

1020 N Kingshighway Suite D
Cape Girardeau, MO
63701

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Telephone

+15733351231

Website

https://van-de-ven.blog/

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