Burgess, Lowman & Lay, PA

05/29/2024

... And In with the New. We are pleased to announce Burgess Lowman & Lay PA has joined Coastal CPA Group, P.C. This move is aimed at enhancing the overall capabilities and resources available to better serve your financial needs. We are still located at our Kitty Hawk, NC location and the staff currently in this office will not change. If you have any questions or concerns, please do not hesitate to contact the office at 252-255-1040.

05/29/2024

Out with the Old ...

03/30/2024

Our office enjoying Jersey Mike's Day of Giving on Wednesday, March 27. Every dollar spent locally was donated to the Outer Banks Relief Foundation! Thanks Jersey Mike's!

03/26/2024

Do you need to check the box? Today's tax tip is about digital asset reporting.

Tax Tip 2024-21, March 26, 2024 — Taxpayers filing 2023 tax returns must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer.

03/11/2024

Additional signs the IRS is highlighting with regards to the Employee Retention Credit claim.

Tax Tip 2024-15, March 11, 2024 — Some unscrupulous promoters have marketed misleading information about Employee Retention Credit eligibility rules to well-intentioned businesses. The IRS is highlighting seven suspicious signs and urging business to seek a trusted tax professional to resolve an i...

12/15/2023

Don't forget your final 2023 Federal quarterly estimated tax payment due January 16, 2024. Happy New Year!

IR-2023-242, Dec. 15, 2023 — The Internal Revenue Service today reminded taxpayers who didn’t pay enough tax in 2023 to make a fourth quarter tax payment on or before Jan. 16 to avoid a possible penalty or tax bill when filing in 2024.

12/15/2023

The IRS is mailing out an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims.

IR-2023-230, Dec. 6, 2023 — As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims.

12/14/2023

The 2024 standard mileage rates have been issued by the IRS.

IR-2023-239, Dec. 14, 2023 — The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

12/04/2023

IR-2023-219, Nov. 17, 2023 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2024.

09/14/2023

To protect taxpayers from scams, the IRS has ordered an immediate stop to new ERC processing.

IR-2023-169, Sept. 14, 2023 — Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service today announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest sm...