Van Wunnik and Marcum LLC

03/20/2026

https://apple.news/AccjApwb7QsqeneugYSYcUQ

Accountants warn of the potential for costly mistakes using ChatGPT and other AI tools.

01/01/2026

It's 2026, so if you're self-employed and track mileage, make sure to record your 2025 ending/2026 starting mileage today!

12/31/2025

Tax tip: Expecting large taxable capital gains in 2025? Consider tax loss harvesting by 12/31. This is a strategy where you sell securities in a loss position to offset the capital gains you’ll recognize from other investments. If you’ve got worthless or underperforming stocks, might as well sell them now and reduce the tax hit on the others. (Does not apply to retirements accounts. Also, if you rebuy the same security within 30 days of the sale, it will be considered a wash sale and the loss would be disallowed).

08/22/2025

The Dove Agency asked us to share some tips for small businesses. If you're planning to start a business soon, have just started one, or are already up and running and need some guidance, take a few minutes to watch this video:

In this episode of TopBranch, Ruth Ann Janson is joined by Janet Marcum, CPA and Partner at Van Wunnik & Marcum LLC, for a conversation on helpful tax prepar...

07/11/2025

There are quite a few changes to tax law in the recently passed OBBBA, so by no means is this an exhaustive list. But, here are some key provisions which are likely to affect our tax clients:

- $6K above-the-line deduction for individuals aged at least 65 (phases out at $75K for single taxpayers/$150K for joint)
- temporary deduction of up to $10K per tax year for certain car loan interest for tax years 2025 through 2029 (phases out at $100K for single taxpayers/$200K for joint)
- increased state and local tax deduction from $10K to up to $40K (phases out at $250K for single taxpayers/$500K for joint)
- $1K single/$2K joint deduction for charitable donations for taxpayers who do not itemize
- deduction of up to $25K/year for qualified tips (phases out at $150K for single taxpayers/$300K for joint)
- deduction of up to $12,500 (single) and $25K (joint) for qualified overtime compensation (phases out at $150K for single taxpayers/$300K for joint)
- TERMINATED energy efficient home improvement credit, residential clean energy credit, and clean vehicle credit

There are conditions and qualifications that must be met for any new deduction, so be sure and discuss with your tax advisor before making any decisions.

03/18/2025

Update about Beneficial Ownership Information Reporting: FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines

WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines....

02/04/2025

The IRS is expanding Direct File to 25 states this year. It’s a free online tax-filing service for people with simple returns. The service will also now cover more tax situations than last year, such as the premium tax credit for marketplace health insurance and deductions for health-savings-account contributions.
Taxpayers with an adjusted gross income of $84,000 or less also can file free using commercial software via IRS Free File.
Take advantage of the free options available to you, if you qualify.

If your return is more complex, reach out to us for help.

01/13/2025

Did your business or organization pay an independent contractor $600 or more for services in 2024? Make sure you are filing required 1099-NECs by January 31. To find out if a service provider should receive a 1099, have them complete a W9. If they are a sole proprietor, DBA, partnership, or LLC that's not an S-corp, then they should receive a 1099 from you.

12/11/2024

The IRS has announced dates for the e-filing shutdown periods. During these periods, the electronic filing system is taken offline to perform annual system maintenance in preparation for the upcoming filing season.

The individual shutdown for tax year 2024 began on Saturday, November 30, 2024. Individual 1040 returns will not be able to be transmitted for the remainder of 2024.
The business shutdown for tax year 2023 begins on Thursday, December 26, 2024. After this time, business returns will not be able to be transmitted for the remainder of 2024.

12/04/2024

Quickbooks desktop is discontinuing, so it's time to make the move to Quickbooks online. Find more info here:

Simplify your client's move from QuickBooks Desktop to QuickBooks Online with step-by-step instructions on how to prep and migrate QuickBooks Desktop files.

12/01/2024

Do you have ownership in a business? If so, make sure the entity files a Beneficial Ownership Information report by 12/31.

Three-quarters of the 32 million private companies and pass-through entities that are required to file ownership information this year haven’t done so.