Joanne M Elsen CPA PC

07/29/2025

2025 Tax Return Filing Delayed!

Multiple sources have reported that the new IRS Commissioner announced yesterday at the NAEA Tax Summit that filing season would be delayed until around February 17. Also, that Direct File is gone.

01/16/2024

Watch legislation that is in Congress. It's not law yet!
Deduction for Research and Experimental Expenditures. -Current law provides that research or experimental costs paid or incurred in tax years beginning after December 31, 2021, are required to be deducted over a five-year period. Research or experimental costs that are attributable to research that is conducted outside of the United States are required to be deducted over a 15-year period. The provision delays the date when taxpayers must begin deducting their domestic research or experimental costs over a five-year period until taxable years beginning after December 31, 2025. Therefore, taxpayers may deduct currently domestic research or experimental costs that are paid or incurred in tax years beginning after December 31, 2021, and before January 1, 2026. E [my emphasis]

And of course if it passes that means Amending 2022 1120s and other plus 1040's!!!!

06/05/2023

http://ow.ly/JHTA50Ox0hx

IR-2023-105, May 25, 2023 — As aggressive marketing continues; the IRS today renewed an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit.

05/23/2023

NEWS: What to Know about Tax Record Keeping - bit.ly/435dzCQ

05/08/2023

FS-2023-13, Upcoming IRS improvements for small business owners Internal Revenue Service (IRS) sent this bulletin at 05/04/2023 01:01 PM EDT IRS Newswire May 4, 2023 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscri...

01/09/2023

I'm Attending in person. Let me know if you are attending too!

AFIT WINTER TAX SEMINAR/WEBINAR January 27, 2023 8:30 AM to 5:00 PM Desert Willow Conference…

03/08/2022

Direct-hire authority will allow the Internal Revenue Service to more quickly reinforce its return processing and account management functions.

01/29/2022

Changes for childless couples and more.

IR-2022-20: EITC Awareness Day: Important changes mean more people qualify for credit that helps millions of Americans Internal Revenue Service (IRS) sent this bulletin at 01/28/2022 10:10 AM EST IRS Newswire January 28, 2022 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Med...

01/12/2022

From National Taxpayer Advocate Erin M. Collins

”As of late December, the IRS had backlogs of 6 million unprocessed original individual returns (Forms 1040), 2.3 million unprocessed amended individual returns (Forms 1040-X), more than 2 million unprocessed employer’s quarterly tax returns (Forms 941 and 941-X), and about 5 million pieces of taxpayer correspondence – with some of these submissions dating back at least to April and many taxpayers still waiting for their refunds nine months later."

#2020 tax

01/10/2022

New documentation beginning 1/10/22 for R & D credit

IR-2021-203, October 15, 2021 — The IRS has set forth the information that taxpayers will be required to include for a research credit claim for refund to be considered valid.

12/21/2021

Medicare Recipients - Good news followed by bad!
Be prepared for a smaller social security check in 2022. On October 13, 2021 the Social Security Administration announced a 5.9% cost of living increase for 2022. Then on November 12, 2021 the Center for Medicare & Medicaid announced a 14.5% increase in Medicare Premiums for 2022.

12/19/2021

IR-2021-251, Standard Mileage Rates for 2022 Internal Revenue Service (IRS) sent this bulletin at 12/17/2021 10:45 AM EST IRS Newswire Dec. 17, 2021 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsro...