Laurie M. Pacitto, CPA

05/02/2026

IRS NOTICE CP53E
Key Takeaways:

Any IRS Notice will come by US Mail, not via email, text, or other digital means
If you receive a CP53E Notice, regardless of its legitimacy, do not scan a QR code, instead go to IRS.gov/Account
When in doubt? Ignore the Notice, and if it is legitimate the IRS will send a physical mailed check in around 6 weeks

It is a legitimate IRS notice that some taxpayers may receive when the IRS cannot complete a refund by direct deposit and needs the taxpayer to add or update bank account information through their IRS Online Account. Taxpayers who receive CP53E have 30 days from the date of the notice to update their information online, and IRS employees cannot make that change for them by phone. If the taxpayer does not respond, the IRS says it will issue a paper check after 6 weeks.

Because CP53E is a real IRS notice involving refunds and bank account information, scammers are using fake versions to try to steal taxpayers’ personal and financial data. The notice also comes as the IRS continues its broader shift toward electronic payments.

03/06/2026

I am accepting new clients! Paperless only. All documents would be submitted via my portal. Email me with any questions: [email protected]
Thx!

01/21/2026

More info on Trump accounts and Dell gift.

Today, President Donald J. Trump joined top lawmakers and philanthropists Michael and Susan Dell to celebrate an extraordinary milestone for Trump

01/01/2026

Don’t forget to keep your mileage logs!

IR-2025-128, Dec. 29, 2025 — The Internal Revenue Service today announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026.

01/01/2026

More guidance on auto loan interest deduction

The IRS has issued proposed regulations for the temporary car loan interest deduction enacted under the new tax law.

12/17/2025

Overview of Trump accounts.

Trump Accounts are a historic new savings tool created under the One Big Beautiful Bill to give children in America a real financial head start.

11/24/2025

The has a reminder for students: Don't forget about valuable tax credits you can claim for your education costs. Whether you're going to trade school or college, there are tax credits available to offset your qualifying education expenses. This is a valuable savings that can keep more money in your pocket.

Take a look at the education credits available at www.irs.gov/education.

11/16/2025

How does OBBB Change SALT?

OBBB temporarily changes the maximum SALT deduction and the income eligibility rules to claim the deduction. Specifically, OBBB:

Raises the SALT deduction cap from $10,000 to $40,000, effective beginning in 2025. (The cap is $20,000 per person for married couples who file separately.) In 2026, the cap rises 1% each year through 2029.

Phases down the $40,000 SALT cap for individual taxpayers or couples making above $500,000, at a 30% rate. The phasedown threshold increases by 1% each year through 2029. As income rises, the $40,000 SALT cap phases down to $10,000, meaning that the highest-income taxpayers can deduct up to $10,000 in SALT.
Reverts to the $10,000 limit (previously set by TCJA) in 2030, with no income limits.

11/14/2025

You may be able to deduct car loan interest:

New deduction: Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle, provided the vehicle is purchased for personal use and meets other eligibility criteria. (Lease payments do not qualify.)

Maximum annual deduction is $10,000.
Deduction phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers).
Qualified interest: To qualify for the deduction, the interest must be paid on a loan that is:

Originated after December 31, 2024
Used to purchase a vehicle originally used by the taxpayer (used vehicles do not qualify)
For a personal use vehicle (not for business or commercial use)
Secured by a lien on the vehicle
If a qualifying vehicle loan is later refinanced, interest paid on the refinanced amount is generally eligible for the deduction.

Qualified vehicle: A qualified vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone final assembly in the United States.

To determine if a vehicle had final assembly in the U.S., check one of these:

The information label attached to the vehicle on a dealer's premises
The vehicle identification number (VIN)
The National Highway Traffic Safety Administration (NHTSA) VIN Decoder
Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers. The taxpayer must include the vehicle identification number (VIN) of the vehicle on the tax return for any year when the deduction is claimed.

Reporting: Lenders or other recipients of qualified interest must file information returns with the IRS and furnish statements to taxpayers showing the total amount of interest received during the taxable year.

Guidance: The IRS will provide transition relief for tax year 2025 for interest recipients subject to the new reporting requirements.

11/14/2025

Learn about the new deduction for seniors!

New deduction: Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.

The $6,000 senior deduction is per eligible individual (or $12,000 total for a married couple where both spouses qualify).
Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).
Qualifying taxpayers: The taxpayer must attain age 65 on or before the last day of the taxable year.

Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.

Taxpayers must:

Include the Social Security number of the qualifying individual(s) on the return
File jointly, if married, to claim the deduction
For more information, see One, Big, Beautiful Bill Act: Tax deductions for working Americans and seniors.