Damon Diodati Certified Public Accountants

08/14/2023

Effective immediately, the agency will now make initial contact via mailed letters to schedule in-person meetings.

The IRS has ended most unannounced visits to homes or businesses for unpaid taxes. Here's what taxpayers need to know.

08/10/2023

This lesser-known first-time penalty abatement may waive IRS fees in certain situations. Take a look, if applicable.

This lesser-known first-time penalty abatement may waive IRS fees in certain situations, tax pros say. Here's how to qualify.

08/07/2023

Inflation adjustments boosted the long-term capital gains tax brackets for 2023, which apply to investments owned for more than one year.

Inflation boosted the capital gains tax brackets for 2023. Here's how much you can make to pay 0% capital gains on investments.

08/03/2023

Use the slower summer months to check up on your finances, so you can make adjustments for the remainder of the year. Give us a call as you need support! We’re available beyond tax season!

The middle of the year is a good time to do a financial checkup, reviewing budgets, tax withholding and retirement plans.

07/31/2023

If you’re the one to hit, a lump sum may be better because you can maximize the prize by investing the proceeds sooner, according to certified financial planners. What would you do?

The Mega Millions jackpot jumped to $940 million Friday. Here's what to expect for the tax bill if you win.

07/06/2023

The IRS had flagged more than 1 million tax returns by early March as being filed by potential identity thieves, the U.S. Department of the Treasury said.
Identity theft has been a growing problem, and the IRS has stepped up its security measures.

Identity thieves try to file fraudulent tax returns to claim refunds. There are steps taxpayers can take to protect themselves.

07/03/2023

Happy early Fourth of July from your friends at Damon Diodati Certified Public Accountants! We hope you’ve been having a safe few days involving lots of food, fun, and celebration!

06/29/2023

The CARES Act, a federal pandemic-relief law, allowed investors to withdraw up to $100,000 in coronavirus-related distributions from 401(k) plans and individual retirement accounts in 2020. That three-year clock is running out for many people.

The CARES Act let investors take up to $100,000 of "coronavirus-related distributions." Savers who repay funds within three years could claim a tax refund.

06/26/2023

The annual contribution limit for health savings accounts, or HSAs, will soon get a sizable boost due to inflation, the IRS announced last month. Learn more in the article provided below!

The IRS is providing a sizable increase for the 2024 health savings account contribution limits. Here's what taxpayers need to know.

06/22/2023

There’s been lingering confusion about tax reporting for peer-to-peer payment apps such as Venmo and PayPal. Check out the article below to learn more and make sure you have an understanding of the new tax forms you may be receiving in years to come.

More taxpayers will receive Form 1099-K from apps such as Venmo and PayPal for 2023. Here's how to prepare for next year's taxes.

06/19/2023

If you’re planning to donate money, certain charitable giving moves provide a bigger tax benefit. Check out this article to learn more!

If you're planning to donate money, certain charitable giving moves provide a bigger tax benefit. Here's what investors need to know.

05/16/2023

The emergency declaration for Covid-19 expired on May 11, 2023—and it comes with some tax consequences.

As employers scrambled to keep workers employed, questions arose about how those solutions—including stipends and reimbursement plans—would affect employees.