DEPco Accounting

01/03/2026

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 72.5 cents per mile driven, up 2.5 cents from 2025.

05/13/2025

President Trump signed an executive order in March 2025, titled "Modernizing Payments To and From America's Bank Account," that mandates the federal government to cease issuing paper checks for all disbursements, including tax refunds and other payments, by September 30, 2025. Beginning October 2025, you will need to have any refunds direct deposited into your account. At this time, you can still mail any payments.

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12/05/2024

Corporate Transparency Act (CTA-2024) and Beneficial Ownership information (BOI) reporting requirements

As of yesterday, Texas District Court Strikes Down Beneficial Ownership Reporting Requirements. The court blocked the Department of Treasury and Financial Crimes Enforcement Network (FinCen) from enforcing the BOI requirements.

A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA's accompanying regulations. Under the injunction, the CTA and the BOI reporting rule cannot be enforced, and reporting companies need not comply with the CTA's Jan. 1, 2025, BOI reporting deadline pending a further order of the court.

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12/18/2023

Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
67 cents per mile driven for business use, up 1.5 cents from the 2023.
21 cents per mile driven for medical purposes, a decrease of 1 cent from 2023 .
14 cents per mile driven in service of charitable organizations

07/04/2023

The IRS on Monday warned of a new refund scam being mailed out to taxpayers.

The letter, which comes in a cardboard envelope, is designed to trick people into believing that they are owed a refund, the tax agency said. The agency said there is an IRS masthead on the letter and says the notice is "in relation to your unclaimed refund."

The letter includes contact information, but the phone number is not an IRS number. Letter recipients are asked to share a driver's license images, which the IRS warns can be used by identity thieves. People are also asked to share their cellphone number, bank routing information, Social Security number and bank account type.

"This is just the latest in the long string of attempts by identity thieves posing as the IRS in hopes of tricking people into providing valuable personal information to steal identities and money, including tax refunds," IRS Commissioner Danny Werfel said. "These scams can come in through email, text or even in special mailings. People should be careful to watch out for red flags that clearly mark these as IRS scams."

Among the warning signs indicating that the letters are fake are awkwardly-worded requests, such as asking for "A Clear Phone of Your Driver's License That Clearly Displays All Four (4) Angles, Taken in a Place with Good Lighting."

The letter claims you need to supply the information to get your refund.

"These Must Be Given to a Filing Agent Who Will Help You Submit Your Unclaimed Property Claim," the phony letter reads. "Once You Send All The Information Please Try to Be Checking Your Email for Response From The Agents Thanks."

In addition to the strange wording, there's odd punctuation and a mixture of fonts. The letter also has inaccurate information on tax return deadlines.

Taxpayers can get real mail from the IRS and the agency contacts taxpayers through regular mail delivered by the U.S. Postal Service. The IRS never initiates contact with taxpayers via email, text or social media.

People interested in checking their refund status can visit the IRS Where's My Refund Page, check the app or call the IRS.

01/02/2023

Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.
22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022.
14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022

07/01/2022

Job Posting -

Our goal is to provide our clients with an exceptional working relationship. I aspire to make this a pleasant workplace for our employees. I believe in hiring talented individuals and offering opportunities for professional development and career growth. We work with companies in various industries, business owners, entrepreneurs, professional and not-for-profit organizations. I care about my employees and treat them with respect.

Professional Accountant
Hiring as Full-time, permanent position, with interest in practice buy-out/purchase. You will be responsible for establishing strong relationships with clients.

FUNCTIONS:
Prepare and review income tax returns
Prepare payroll, sales tax and personal property tax returns
Analyze financial transactions
Reconcile bank accounts
Prepare financial statement and maintain client general ledgers using QuickBooks
Communicate and interface with clients
Perform compilations and reviews
Participate in practice development activities

SKILLS / REQUIREMENTS:
Bachelor’s degree in Accounting or Finance
Minimum 2+ years experience in Accounting, preferably with a Public Accounting Firm
Strong understanding of US Tax Regulations
Verbal and written communication skills
Problem-solving skills
Ability to manage multiple priorities and deadlines
Work effectively in stressful situations
Demonstrate leadership ability
Bring an entrepreneurial point of view to your position within the firm
Experience with Office tools, QuickBooks, Xero, Wave and Tax Preparation Software (ATX)

BENEFITS:
Competitive compensation package (Insurance / 401k)
Convenient location
Congenial and friendly staff

06/12/2022

The IRS has announced a new mileage rate effective July 1st - $0.625 for the rest of the year. So, for January 1st to June 30th the rate was $0.585. Make sure you track your mileage.

12/27/2021

The IRS has announced the 2022 Business Mileage Rate - $0.585

05/14/2021

Waiting on your Refund - The IRS is falling behind in processing millions of income tax returns, potentially delaying refunds for many Americans.

According to the Taxpayer Advocate Service, an independent arm of the IRS focused on tax filers' rights, the agency is holding almost 31 million returns for manual processing just ahead of the May 17 tax-filing deadline.

03/18/2021

TAX FILING UPDATE:

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

"This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities," said IRS Commissioner Chuck Rettig. "Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to."

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.