Gildea & Ivanis LLP

10/15/2023

Just a friendly reminder from us to you ✨

09/29/2023

Here’s a look at some of the activities affecting taxpayers that would, according to the contingency plan, not continue during the shutdown:

- Processing of non-disaster relief transcripts
- All audit functions and examination of returns
- Non-automated collections
- Legal counsel focused on non-excepted activities
- Taxpayer services such as responding to taxpayer questions (call sites) not during the filing season

With a government shutdown pending, federal agencies are taking steps to get ready—including the IRS. About one-third of IRS employees will continue to perform services.

09/28/2023

"Citing 'rising concerns about a flood of improper Employee Retention Credit claims,' the IRS has announced an immediate moratorium on processing new ERC claims. The agency says that the pause, which will run through through at least the end of the year, is intended to protect honest small business owners from scams. No new claims will be reviewed or processed until early 2024."

The idea of the Employee Retention Credit was to get money into the hands of employers during the pandemic. Now, the IRS worries it's become a money grab.

08/10/2023

IRS Commissioner Danny Werfel says the agency's paperless processing initiative builds on progress that has already begun, thanks to Inflation Reduction Act funding.

07/04/2023

Happy 4th! We hope that you have a wonderful holiday! 🎉

06/28/2023

Effective January 1, 2023 if you are age 70-1/2 or older, you can distribute up to $50,000 from your traditional IRA directly into a charitable remainder trust or gift.

Effective January 1, 2023 if you are age 70-1/2 or older, you can distribute up to $50,000 from your traditional IRA directly into a charitable remainder trust or gift...

06/22/2023

If you own a small business, you must follow record-keeping rules and if for no reason at all it is to save on attorney fees during an audit.

If you own a small business, you must follow record-keeping rules and if for no reason at all it is to save on attorney fees during an audit.

06/13/2023

Most people are looking through the rearview mirror when it comes to taxes. Proactive tax planning can save business owners millions of dollars over their working lives.

06/05/2023

U.S. taxpayers living and working abroad must file their 2022 tax returns by June 15. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. A taxpayer qualifies for the June 15 filing deadline if: (1) Both their tax home and abode are outside the United States or Puerto Rico, or (2) They are serving in the military outside the U.S. and Puerto Rico on the regular due date of their tax return. Qualifying taxpayers should attach a statement to the return indicating which of these two situations applies.

Federal law requires U.S. citizens to file tax returns and to report worldwide income, and to declare foreign bank accounts and other assets. Penalties are steep.

05/09/2023

Does it matter for your taxes if you spend $500 on your hobby, or if you spend the same amount promoting your side hustle where you earn extra money? It sure does...

The line between having a hobby and running a business can be confusing, but knowing the difference is important and can save you money. Hobbies and businesses are treated differently when it’s time to file a tax return. And the IRS watches this line carefully, with frequent audits.

05/02/2023

Cash only?

With concerns about banks constantly in the news, some in the U.S. are eying alternatives to keeping their savings in banks.

For some, the answer is obvious: rely on cash in hand.

If you're thinking more about living outside the banking system, here's what you need to know about tax and related requirements.

04/17/2023

ONE DAY MORE! (and, no, not the song from Les Mis)
Tomorrow is Tax Day! Remember to file/pay tomorrow to keep the State and IRS happy.

Well, as happy as they can be. They do have a lot of taxes to go through, as well.