Celia Cheng, CPA

01/15/2024

Have you learnt about this new way (PLESAs) of saving? It appears this is another type of retirement saving, like ROTH, no tax deduction, not taxable when withdraw the fund. It allows drawing, once a year as necessary with no penalty. May worth investigate!!!

IR-2024-11: IRS provides initial guidance to employers setting up emergency savings accounts for their employees Internal Revenue Service (IRS) sent this bulletin at 01/12/2024 01:35 PM EST News Essentials The Newsroom Topics IRS Resources Issue Number: IR-2024-11 Inside This Issue IRS provides init...

09/09/2023

New Filing requirement starting on Jan 1, 2024.

Generally, if you're in a trade or business and receive more than $10,000 in cash in a single transaction or in related transactions, you must file Form 8300.

05/26/2023

Tax Credits

Tax Tip 2023-68: Installing solar panels or making other home improvements may qualify taxpayers for home energy credits Internal Revenue Service (IRS) sent this bulletin at 05/16/2023 10:01 AM EDT IRS Tax Tips May 16, 2023 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot....

01/28/2023

12/31/2022

Standard Mileage Rate for 2023!!

CORRECTION: IR-2022-234: IRS issues standard mileage rates for 2023; business use increases 3 cents per mile Internal Revenue Service (IRS) sent this bulletin at 12/30/2022 12:32 PM EST IRS Newswire December 30, 2022 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contac...

12/26/2022

Just found out Facebook Business linked to WhatsApp! It may be a good idea to make good use of it! What are your thoughts?

10/25/2022

Expecting long list on 1099-Ks or lots of Form 1099-Ks due to reporting requirement changed to $600 from $20K😲😲😲

IR-2022-189, Reminder: Service providers, others may receive 1099-Ks for sales over $600 in early 2023 Internal Revenue Service (IRS) sent this bulletin at 10/24/2022 04:04 PM EDT IRS Newswire Oct. 24, 2022 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts &...

10/15/2022

What taxes should be withheld when hiring family members?🤔🤔🤔

Tax Tip 2022-151:Understanding taxes when a family member signs the paycheck Internal Revenue Service (IRS) sent this bulletin at 10/03/2022 10:27 AM EDT IRS Tax Tips October 3, 2022 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidan...

09/26/2022

Buying a home, what can you deduct?🤔🤔🤔🤔🤔🤔

Tax Tip 2022-138: Know what’s deductible after buying that first home, sweet home Internal Revenue Service (IRS) sent this bulletin at 09/08/2022 10:00 AM EDT IRS Tax Tips September 8, 2022 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics I...

09/11/2022

IRS announced increase in interest rate, avoid that, file returns in time!!

UPDATE IR-2022-150, Interest Rates for Quarter beginning Oct. 1, 2022 Internal Revenue Service (IRS) sent this bulletin at 08/15/2022 03:27 PM EDT IRS Newswire Aug. 15, 2022 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News...