Patricia P. Belcourt CPA PA

05/25/2026

Remember Those Who Gave Their All.

05/07/2026

As we continue to celebrate National Small Business Week, be sure to check out the tools the IRS has for business owners and entrepreneurs! The IRS has expanded the availability of Business Tax Accounts, so be sure to see how this can help you and your business!

Tax Tip 2026-38: National Small Business Week: Tools for business owners and entrepreneurs Internal Revenue Service (IRS) sent this bulletin at 05/07/2026 09:13 AM EDT IRS Tax Tips May 7, 2026 Issue Number: Tax Tip 2026-38 National Small Business Week: Tools for business owners and entrepreneurs Nat...

05/05/2026

Small Business Owners - check out the Small Business Summit today and tomorrow that is being put on by the Small Business Administration! Lots of interesting sessions offered; I bet there's at least one for you!

WASHINGTON — Today, the U.S. Small Business Administration announced its full agenda for the National Small Business Week 2026 Virtual Summit, a free two-day online event that will take place May 5-6.

05/05/2026

Celebrating Small Business Week by attending Scaling Smart! Worked ON my business today, met some great people, lots of great information.

What are you doing this week for Small Business Week?

04/09/2026

ATTENTION! APRIL 15TH FILING DEADLINE IS ALMOST HERE!

Individuals and C Corporations, your income tax returns are due next week. If you haven’t filed yet, now is the time to gather those documents and get everything in order.

Need more time to gather your information? No worries! You can file for an automatic 6-month extension of time to file your tax returns. Remember, though, you get more time to file your tax return, NOT to pay any amounts you may owe.

Estimated tax payments for 1st quarter of 2026 are also due April 15th.

Need help? Let us know or check out online resources to make sure you’re squared away before the deadline hits. Late filing and late payment penalties can be assessed, so don’t let procrastination be your downfall!

03/13/2026

🌟 New $6,000 Senior Tax Deduction — What You Need to Know! 🌟
Great news for adults age 65 and older! A new $6,000 senior tax deduction is now available, offering some extra financial relief at tax time. This change is designed to help seniors keep more of their income and better manage rising living costs.

Before you count it in, here are a few important limitations to be aware of:

🔹 Income restrictions may apply. Seniors with higher incomes might see the deduction reduced or phased out.

🔹 You must meet the age requirement. Eligibility begins the year you turn 65.

🔹 State rules may differ. Some states follow federal guidelines, while others have their own rules.

If you think you might qualify, it’s worth taking a moment to look into the details. Let us know if we can help with your specific situation!

Let’s help make sure every senior gets the support they’re entitled to. Feel free to share this so others don’t miss out.

Send a message to learn more

03/05/2026

PSA for everyone: Make sure you use up your 2025 medical savings (FSA/HSA) and child care funds before the plan year ends. Check your balances and gather any receipts for eligible 2025 expenses so you don’t lose money you’ve put aside.

Most plans also allow you to submit reimbursement claims for 2025 expenses during early 2026, even after the spending window closes. That usually means you can still get reimbursed as long as:

• The expense occurred in 2025 (or during your plan’s grace period, if your employer offers one).
• You submit your receipts before your plan’s 2026 claim deadline—commonly mid March, but it varies by employer.
• Your receipts show the date of service, amount, and provider, since itemized documentation is required.

Review your account rules and deadlines now so nothing slips through the cracks. Sharing this could help someone else keep their money too.

Send a message to learn more

03/02/2026

📣 Heads up, business owners!

The March 15 tax filing deadline for S corporations and partnerships is coming up fast. Make sure your returns (or extensions) are ready to go. A little prep now saves a lot of stress later!

If you need help getting everything filed accurately and on time, reach out today and I’ll take care of the heavy lifting so you can stay focused on running your business.

Send a message to learn more

02/26/2026

The Olympic Winter Games are a wrap, with USA earning 32 medals, 12 of them gold. Here is your pop quiz of the day as the athletes return home:

🏅 Do Olympic athletes have to pay taxes on their medals? This question pops up every time the Games roll around, and the real answer is more interesting than most people expect.

In the United States, Olympic medals themselves are usually not taxed, and neither are the cash bonuses athletes receive for winning them. A 2016 law made both the medal and the USOPC bonus federally tax free for athletes earning under $1 million a year — which covers almost all Team USA competitors.

For reference, the bonuses look like this:

• 🥇 Gold: $37,500
• 🥈 Silver: $22,500
• 🥉 Bronze: $15,000

Only a very small number of high earning athletes may owe federal tax on the medal’s value.

But here’s the part people often forget:

While the medal moment is usually tax free, the fame that follows is not. Endorsements, sponsorships, appearance fees, and other income are all fully taxable. And depending on where an athlete lives, state taxes may also come into play.

So yes — the medal itself is mostly safe from the IRS.

Everything that comes after? That’s where the tax bill shows up.

02/19/2026

🏦 New IRS Direct Deposit Requirements for Refunds (Starting 2025)

📌 What’s Changing?

Beginning in Fiscal Year 2025, the IRS will require taxpayers to provide banking information for direct deposit in order to receive federal tax refunds. This shift is part of a federal modernization effort to eliminate paper checks and move all government payments to electronic methods.

Two key sources confirm this:

• The IRS will require banking details for direct deposit starting in 2025 as part of a broader federal initiative to streamline payments.
• Executive Order 14247 mandates that federal payments—including IRS refunds—transition to electronic processing. Paper checks will be phased out.

🧾 What This Means for Taxpayers

1. Direct Deposit Becomes the Default (and Expected)

You will need to provide:
• A routing number
• An account number
• A qualifying U.S. bank account, prepaid debit card, or other approved electronic payment method

2. Paper Checks Are Being Eliminated

• Paper refund checks will no longer be issued after September 30, 2025, except in limited hardship cases or for individuals without banking access.

3. Electronic Refund Options Expand

Approved electronic methods may include:

• Bank accounts (checking/savings)
• Prepaid debit cards that accept direct deposit
• Mobile payment apps (if approved by Treasury)

4. Filing Process Stays the Same

The IRS has clarified that this change does not affect how you file your tax return—only how refunds are issued.

🧭 Why the Change?

The federal government is implementing Executive Order 14247 to:

• Reduce fraud
• Speed up payments
• Lower administrative costs
• Modernize the U.S. payment infrastructure

What if Banking Information is not Provided with the Tax Return?

1) Your tax return refund could be significantly delayed
2) IRS will send a letter to individuals asking them to update their banking information
3) Taxpayers will then receive a CP53E notice in the mail, requesting banking information or an explanation as to why such information cannot be provided
4) Once the banking information is provided, the refund will be immediately released
5) If there is no response to the notice and there are no other issues with the tax return, the refund will be released as a paper check after six weeks

NOTE: IRS employees cannot take direct deposit information over the phone or in person.