Silverstein Cottone & Mulshine CPA's

02/22/2024

See the latest updates to frequently asked questions on Form 1099-K, Payment Card and Third Party Network Transactions. This updated fact sheet offers information, including what to do if you receive a 1099-K, along with details on preparing, filing and furnishing a Form 1099-K.

Visit https://ow.ly/eyGg50QApar for more information.

02/16/2024

If you claim an or ACTC, the law requires to hold the tax refund for a period to review. Barring other issues, the first of these refunds should be available by February 27, 2024, if using direct deposit. See www.irs.gov/refundtiming

01/22/2024

Whether your has employees or contractors, the is reminding you that the deadline for filing income documents is January 31. Social Security Administration has new requirements for Forms W-2 this year. If you file 10 forms or more, you must file electronically.

For the latest information, visit https://ow.ly/OuAZ50QrlWe

12/06/2023

If you are over 72 1/2 don’t forget to take your Required Minimum Distribution prior to December 31. If you don’t take it, the IRS can assess a 50% penalty.

11/27/2023

Ready to go green for 2024? has a way to make it more affordable in the new year. Starting January 1, taxpayers can claim valuable tax credits at the point of sale and transfer them to the dealer. This means you can reduce the cost of your clean vehicle by the amount of the credit you qualify for. Get all the latest details in this tax tip: https://ow.ly/yXEX50Q9vCC

11/22/2023

11/15/2023

Beginning January 1, 2024 companies in the U.S. will have to report information about their beneficial owners (the individuals who ultimately own or control the company). They will have to report the information to the Financial Crimes Enforcement Network (FinCen). FinCen is a bureau of the U.S. Department of the Treasury. For existing companies the due date is January 1, 2025. Reports will be accepted starting on January 1, 2024. For more information go to www.fincen.gov

01/20/2023

Have you heard? There are new clean vehicle credits for qualified plug-in electric vehicles. has frequently asked questions about clean vehicle credits for new, previously owned and commercial clean vehicles. See the FAQs: http://ow.ly/lR9a50MeWF9

01/18/2023

The is delaying the requirement to report 2022 transactions on a Form 1099-K for the lower $600 threshold. More details at: http://ow.ly/GS3R50MbFLw

01/12/2023

The has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. For 2023, the standard mileage rate for business travel will be 65.5 cents per mile. To learn more, see: http://ow.ly/Am5450MeW5R

12/21/2022

Don’t let scammers ruin your festive cheer. The encourages all taxpayers to sign up for an IPPIN. An IPPIN can block thieves from filing fraudulent tax returns with your personal information. If you would like to learn more, click here: www.irs.gov/ippin

12/15/2022

For those over 72 1/2 don’t forget to take your required minimum distributions (RMD) prior to December 31. If you don’t take it, the IRS can charge a 50% excise penalty on the amount not taken.