Shoreline Tax & Business Advisors, LLC

05/22/2025

My friends at Tax Rep Network sent me the following this morning warning of an email phishing scam….

BEWARE OF FAKE ID.ME EMAILS!
EMAIL PHISHING SCAM TO AVOID

Fake ID.me emails for people to “verify” their account are going out from hackers – Users need to beware and look at the actual "FROM" email they are coming from. Real ID.me emails do not come from “guideline.ai”

The subject line is: Verify Now Wednesday, May 21, 2025 (the date its sent)... or any variation of this...

ID.me Wallet simplifies how individuals discover and access benefits and services through a single login and verified identity.

03/12/2025

President Trump has called for permanent extension of the 2017 tax cuts, additional policies including no taxes on tips, overtime pay, and Social Security benefits for retirees, and has also promised higher taxes on US imports through a series of new tariffs.

03/11/2025

02/27/2024

Fun day in the office today. Ended at the Shoreline Yale emergency department with about a cellulitis thankfully no blood clots but now on heavy duty antibiotics and I will probably have to cancel my day tomorrow so don’t make it worse and can get some rest. This has been a great tax season but I’m

12/08/2023

ERC UPDATE!!!

The IRS announced yesterday that it has sent more than 20,000 letters notifying taxpayers of their disallowed ERC claim. And that’s just round one. The IRS expects to send additional letters as it continues its increased scrutiny of ERC claims in response to numerous marketing campaigns that have targeted small businesses and other organizations.
In response to the excessive fraud being seen with the credit, the IRS announced last September a temporary pause for the cause on processing new ERC claims until at least the end of 2023.

Two Problem Areas
The first batch of letters sent by the IRS to taxpayers this week identify two problem areas, which include ineligibility for the ERC because the entity did not exist or did not have employees during the time period for which the credit was claimed. The ERC applies to qualified wages for periods between March 13, 2020, and December 31, 2021, thus entities established after December 31, 2021, are not entitled to the credit.

Unfortunately, many legitimate ERC claims are also getting caught up in the disallowance mix. The IRS acknowledges that this may be the case and provides taxpayers with related information in the disallowance letter, which explains how the taxpayer can respond with documentation supporting their eligibility or claim amount, or file an administrative appeal.

If you feel that you are not entitled to ERC the IRS Offers an ERC Withdrawal Program
The IRS continues to accept and process taxpayers’ requests to withdraw ERC claims under its “special withdrawal process.” At this time, taxpayers have until at least the end of the year to request a withdrawal.

If you should any questions please feel free to reach out to me.

11/22/2023

tip: Eligible older Americans can reduce their tax burden by donating to charity through their IRA. https://ow.ly/iGyT50Q8uZS

11/22/2023

IRS Again Delays New Form 1099-K Reporting Threshold

If you were looking for something to be thankful for in the convoluted information reporting space these days, the IRS has announced in Notice 2023-74 another delay of the new $600 reporting threshold for Form 1099-K. As a result, 2023 will be another transition year for the new, lowered threshold, and reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023.

09/22/2023

Minimum wage in Connecticut is going up as of January 1, 2020 forward to $15.69 per hour.

09/10/2023

Dear Facebook Friends

There is a lovely family business, who like so many others is struggling with employees and is currently in need of servers and support staff. If you are in need of a job or know of someone who is looking please share this post. For more informations about available positions please either stop by Country Corner Diner in person or call them at 203-393-1488 to apply.

08/21/2023

FYI......

As more people become interested in buying and selling digital assets, the IRS is ramping up its crypto tax enforcement efforts.

01/20/2022

Tax Tip 2022-10, January 19, 2022 — The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate struct...

12/13/2021

Senate Democrats remain divided over the SALT tax deduction in President Joe Biden's economic agenda with some looking to scale back the expansion to $80,000 passed by the House. Bloomberg Government's Jack Fitzpatrick has the details.