Accelerated Tax Solutions

01/10/2024

The Rising Costs of Tax Preparation

The cost of tax preparation is on the rise. According to the National Association of Tax Professionals, new clients paid an average of $218 in 2023, up 25% from 2021. Even repeat clients experienced a roughly 23% increase over the same period.

According to a recent online article by Rebecca Chen for Yahoo Finance, much of the increase comes from the decline in CPA candidates, which has led to steeper competition for accountants and thus higher costs. It seems as though the accounting field has lost its appeal to apparently more lucrative or flashier financial fields in finance. In order to compete, accounting firms have had to increase salaries and benefits, allowing more and more staff to work remotely. One response has even been to increase dependence on outsourcing by hiring cheaper international employees.

Although going remote and outsourcing can lower costs, it might affect long term credibility for firms who rely on transitory staffing that threaten relationships and even standards of accounting. At Accelerated Tax Solutions, our clients can rely on relationships, experience, and high ethical standards. Our credibility demands cost effective processes that are trusted, efficient, and sound.

01/02/2024

Hire the Best–Experienced and Ethical–Tax Professional

If you think your tax return results are too good to be true, they probably are. An experienced and reputable tax preparer can get the results you deserve based on a thorough accounting of all revenue and expenses that can be properly written off, but some will appear to work magic in order to keep your business or justify higher fees.

Recently, four tax preparers in the Tampa Bay, Florida area received prison time for conspiring to defraud the United States by increasing their clients’ tax refunds. Among other false claims, the preparers claimed their clients owned businesses or were entitled to education expenses and fuel credits that they weren’t. Now they will be serving between one to three years for tax fraud. According to the IRS, their CI Special Agents will be using every legal method to crack down on fraudulent return preparers.

At Accelerated Tax Solutions, our case managers and tax preparers know your rights as tax payers and will use all legal means to make sure you pay only the taxes you owe. Although we don’t file stand-alone tax returns, we regularly file for our clients who need to become compliant before entering into an agreement or petitioning for penalty abatement or who want to challenge an audit or substitute for return with an original well-documented tax return.

12/15/2023

Call now before the IRS gets cranking.

11/24/2023

The IRS is warning about con artists who use threatening tactics to get taxpayers to pay their IRS tax debt with gift cards. They often suggest the taxpayer's identity has been stolen, instruct the taxpayer to buy gift cards, and provide the card number and PIN to the fake agent in order to pay a penalty.

The IRS does not specify payment methods such as gift cards, prepaid debit cards, or wire transfers to pay a debt, and the IRS doesn't threaten to suspend drivers' licenses, business licenses, or immigration status or to bring in law enforcement.

If you owe the IRS for income-related tax liability, know your rights and consider getting professional help so that you don't pay more than owe or more than you can afford.

09/05/2023

In February 2023, the IRS determined that residents of 21 states would not need to include certain special payments in their 2022 federal income. Residents in Georgia, Massachusetts, South Carolina, and Virginia did not have to include state refunds where the recipient claimed the standard deduction or itemized deductions but did not receive a tax benefit. The IRS also determined that it would not challenge the treatment of 2022 payments related to general welfare or disaster relief from 17 states including California, Florida, New York, and Pennsylvania (complete list) because of the uncertainties and complexities related to these situations. For more specifics, consult Notice 2023-56.

On August 30, 2023, the IRS confirmed that taxpayers who qualified under the 2022 program but did not actually receive payment until 2023 may also exclude those payments as part of their federal income.

08/18/2023

According to savings.com, teachers on average spend about $550 of their own funds each year to help their students acquire basic supplies, yet the annual tax deduction for such expenses has been stuck at $250 since the deduction was established in 2001. In 2023, the maximum deduction is $300, and it is anticipated to rise in future years by $50.00 increments to adjust for inflation. It’s about time!

Additionally, if you purchase a used electric or fuel cell vehicle in 2023 for $25,000 or less, you may qualify for a used clean vehicle tax credit for up to 30% or $4,000. Certain limitations apply, so visit irs.gov/cleanvehicles for more information before you make your purchase.

07/28/2023

ATS can help carry the load.

Accelerated Tax Solutions is a tax resolution firm serving clients in all 50 states since 2004.