Parks & Company

05/27/2026

Over the next few weeks our front office will be getting a much needed facelift! We are open for business as usually, please excuse the mess!

05/05/2026

https://www.journalofaccountancy.com/issues/2026/may/avoiding-a-big-tax-bill-on-inherited-iras/?utm_source=mnl:au&utm_medium=email&utm_campaign=04May2026

04/21/2026

https://www.journalofaccountancy.com/news/2026/apr/irs-launches-online-tool-to-help-taxpayers-manage-tax-debt/?utm_source=mnl:cpal&utm_medium=email&utm_campaign=20Apr2026

Taxpayers can explore payment plans, collection delays, or compromise offers through a streamlined, privacy protected tool.

03/26/2026

Submitting a duplicate return by mistake can delay your IRS tax refund status. Taxpayers might accidentally submit a duplicate return due to:

Fear that the original submission wasn't received.
When a spouse or an accountant files, and you also file, not realizing it was already done.
"Amending" a return, such as submitting another Form 1040 to "fix" an originally filed return.

03/25/2026

Filing a paper return can delay your federal tax refund status more than you might realize. Not only must the IRS manually enter your data (potentially contributing to longer processing times), but this filing method also adds transit delays and increases the risk of human error.

03/24/2026

Starting with tax season 2026, the IRS has effectively eliminated paper checks. This means you'll typically need to enter bank account information when filing your federal income return or risk status delays.

03/23/2026

Having incorrect information on your tax return could seriously delay your IRS tax refund status.

03/20/2026

While the IRS typically processes electronic returns within 21 days, accidental errors, such as opting out of direct deposit or forgetting important documents, might trigger a manual review. According to the Taxpayer Advocate, an IRS review can turn a three-week wait into a 45- to 180-day delay.

03/11/2026

Reminder, December year end S Corporate and Partnership tax returns are due March 16th, 2026 to the IRS.

03/09/2026

There are nine factors the IRS can use to determine if there is a profit motive per Regs. Sec. 1.183-2(b):
1. The manner in which the taxpayer carries on the activity;
2. The expertise of the taxpayer or the taxpayer’s advisers;
3. The time and effort expended by the taxpayer in carrying on the activity;
4. An expectation that assets used in the activity may appreciate in value;
5. The success of the taxpayer in carrying on similar or dissimilar activities;
6. The taxpayer’s history of income or losses with respect to the activity;
7. The amount of occasional profits, if any;
8. The taxpayer’s financial status; and
9. Elements of personal pleasure or recreation.