Stephen J. Venuti, CPA, MST, LLC

06/02/2026

𝙒𝙝𝙖𝙩 𝙝𝙖𝙥𝙥𝙚𝙣𝙨 𝙞𝙛 𝙮𝙤𝙪 𝙥𝙖𝙮 𝙦𝙪𝙖𝙧𝙩𝙚𝙧𝙡𝙮 𝙩𝙖𝙭𝙚𝙨 𝙡𝙖𝙩𝙚?

If you miss a quarterly estimated tax payment, the IRS treats it as an underpayment. Meaning you may owe an added charge for paying late, plus interest that keeps building until the amount is paid.

So no, one missed estimated payment doesn’t mean the IRS is going to send you a notice, but they do start to keep track.

Quarterly tax payments may apply when you have income that isn’t covered through regular withholding, such as self-employment income, investment income, rental income, retirement income, or passthrough income.

If you missed an estimated payment, don’t ignore it until it's time to file your taxes. Paying late before the tax deadline will still be better than waiting until you file.

06/01/2026

𝙃𝙤𝙬 𝙙𝙤 𝙮𝙤𝙪 𝙥𝙧𝙚𝙛𝙚𝙧 𝙩𝙤 𝙧𝙚𝙘𝙚𝙞𝙫𝙚 𝙛𝙚𝙚𝙙𝙗𝙖𝙘𝙠 𝙤𝙧 𝙧𝙚𝙘𝙤𝙜𝙣𝙞𝙩𝙞𝙤𝙣?

Some people appreciate a quick note. Others value a private conversation, a public shoutout, or clear next steps they can act on.

The same goes for recognition.

A simple “thank you” can mean a lot, but it means even more when it’s given in a way the other person actually receives well.

So here’s a good question to ask your team, your clients, or even yourself:

When someone wants to acknowledge your work, what feels most encouraging to you?

05/29/2026

𝙒𝙝𝙖𝙩 𝙨𝙝𝙤𝙪𝙡𝙙 𝙄 𝙙𝙤 𝙗𝙚𝙛𝙤𝙧𝙚 𝙛𝙞𝙡𝙞𝙣𝙜 𝙛𝙤𝙧 𝙗𝙖𝙣𝙠𝙧𝙪𝙥𝙩𝙘𝙮?

Before you file for bankruptcy, get your records together and look at the tax consequences. Start here:
1. Gather all tax records (recent tax returns, IRS transcripts, IRS or state notices, and any prior 1099-C forms, etc).
2. Review whether you may be insolvent (comparing what you owed with what you owned on the relevant date).
3. Review timing issues. This may include unfiled tax returns, recent tax debts, or creditor payments made before bankruptcy.

Last step...

Talk with us before you file. A bankruptcy filing can affect more than your debt. It can also affect what shows up on your tax return, and we can help you think through that part before the paperwork is submitted.

05/28/2026

𝘾𝙖𝙣 𝙢𝙮 𝙨𝙩𝙪𝙙𝙚𝙣𝙩 𝙡𝙤𝙖𝙣𝙨 𝙗𝙚 𝙙𝙞𝙨𝙘𝙝𝙖𝙧𝙜𝙚𝙙 𝙞𝙣 𝙗𝙖𝙣𝙠𝙧𝙪𝙥𝙩𝙘𝙮?

Yes, student loans can be discharged in bankruptcy, but it’s not automatic like credit card debt.

You have to prove that repaying the loans would create an undue hardship for you and your family.

For federal loans, your financial records may be reviewed before you ever go to trial. If the Department of Justice agrees that your situation meets the hardship standard, they can agree to the discharge.

Before filing, gather your records and know what kind of loans you have:
• Federal loans
• Private loans
• A mix of both

If you want to talk further about how discharged student loans affect your tax situation, comment "HELP" below.

05/28/2026

How To Hire An Intern For The Summer For Your Newtown Square Business

Ready to hire an intern for the summer? Learn how to correctly classify and pay your interns to stay 100% compliant with IRS rules.

05/27/2026

Google's updates to its search bar are really interesting: https://www.techbrew.com/stories/google-it-while-you-still-can

And you might be tempted to ask all kinds of tax questions with the new features. And the thing is, the answer might sound definitive in the results but actually still be wrong for your situation.

Tax questions need details that AI agents don't think to ask for.

Maybe your income changed. Maybe you got an IRS notice. Maybe you’re asking about a deduction, but the real issue is how your business is set up.

Don't rely on quick answers from Gemini when it comes to your IRS obligations.

Ask a professional you can trust (we're right here).

05/26/2026

𝘾𝙖𝙣 𝙨𝙩𝙪𝙙𝙚𝙣𝙩 𝙡𝙤𝙖𝙣 𝙙𝙚𝙗𝙩 𝙘𝙧𝙚𝙖𝙩𝙚 𝙩𝙖𝙭 𝙥𝙧𝙤𝙗𝙡𝙚𝙢𝙨 𝙛𝙤𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙬𝙣𝙚𝙧𝙨?

It can, especially if you’re settling debt, dealing with bankruptcy, or trying to clean up multiple financial issues at once.

When a lender forgives or cancels debt, the IRS may treat the amount you no longer have to repay as taxable income. Student loans can fall into that category unless an exclusion applies.

Canceled student loan debt may be excluded when:
• The debt is discharged in bankruptcy
• You were insolvent immediately before the debt was canceled
• A specific student loan forgiveness rule applies
• Another tax-law exclusion applies to your facts

If you own a business, timing matters. Your debt resolution and tax reporting may depend on what happens first.

Before you sign a settlement or file anything that could trigger cancellation of debt income, take time to look at the tax side first. If you’re not sure what that could mean for your return, reach out and we can help you make the next move.

05/25/2026

https://www.facebook.com/share/v/17mcyBq82M/

“Our debt to the heroic men and valiant women in the service of our country can never be repaid. They have earned our undying gratitude. America will never forget their sacrifices.”
–Harry S. Truman.

𝗧𝗵𝗲 𝘁𝗿𝘂𝗲 𝗺𝗲𝗮𝗻𝗶𝗻𝗴 𝗼𝗳 𝗠𝗲𝗺𝗼𝗿𝗶𝗮𝗹 𝗗𝗮𝘆 𝗶𝘀 𝘄𝗿𝗶𝘁𝘁𝗲𝗻 𝗶𝗻 𝘀𝗮𝗰𝗿𝗶𝗳𝗶𝗰𝗲.

For those who never came home and for the families who feel that absence every day, we honor you.

05/22/2026

"𝗛𝗼𝘄 𝗺𝘂𝗰𝗵 𝘄𝗶𝗹𝗹 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 𝗮𝗱𝗱 𝘁𝗼 𝗺𝘆 𝘁𝗮𝘅 𝗱𝗲𝗯𝘁?"

IRS penalties can grow quickly, but they aren’t always final. In some cases, you may qualify for penalty abatement, which could reduce or even remove certain penalties if you have a valid reason and present your case correctly.

Here are four common tax penalties taxpayers face:
1. Failure-to-file penalty: up to 5% of unpaid taxes per month, capped at 25%.
2. Failure-to-pay penalty: generally 0.5% per month on unpaid balances, capped at 25%.
3. Accuracy-related penalties: often 20% of the underpayment for negligence or errors.
4. Tax evasion: the most serious category, with major fines and possible jail time.

The IRS may consider penalty relief when there’s “reasonable cause,” like hospitalization, a death in the family, a fire that destroyed records, or an unexpected job loss.

The key is knowing how to document what happened and follow the IRS process.

Which is a process that we're experts at working through. Come talk to us, and we'll help you find out if penalty abatement could be an option for you.

05/21/2026

When you owe the IRS, even normal expenses can feel frustrating. Gas being one of the more consequential ones right now.

You still have places to be, but every fill-up takes money out of your already stretched budget.

Making each tank go farther won’t fix the tax problem. But it can give you a little more room while you work on the bigger issue.

A few small driving habits, as the article suggests, may stretch your tank a little further.

But if the bigger issue is tax debt for you, let’s talk about your options.

https://www.toyota.com/car-tips/driving-tips-getting-best-fuel-economy/