Orbis Tax

11/08/2025

Another example of SCOTUS putting politics ahead of people.

Maybe it's time to impeach a few justices???

The high court decision allows a lower court time to consider a more lasting pause. The Trump administration is appealing an order to fully fund November food aid for millions of people.

07/21/2025

From the IRS... What to do with any letter you get from them:

Tax Tip 2025-33, May 27, 2025 — IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment. Don’t panic if mail comes from the IRS – they’re here to help.

04/07/2024

Straight from the National Taxpayer Advocate...Filing and Paying Taxes for U.S. Citizens or Residents Living Abroad

04/06/2024

This may be the next new big tax scam...If it's too good to be true, it probably is regardless of what paperwork says.

Tax losses that are too good to be true usually are

01/25/2024

As an Enrolled Agent (EA), this is kinda silly because it's a lower qualification than EA, but it technically allows me to add the initials "AFSP" after my name. 😅😂🤣

12/12/2023

Starting in 2024, you can use a 529 plan to contribute to your Roth despite annual income limits

The SECURE 2.0 Act authorized the ability to do a tax-free and penalty-free 529 plan to Roth IRA rollover starting January 1, 2024. The 529 plan must have been maintained for the beneficiary (you can be the beneficiary of your own 529 plan) for at least 15 years, and no funds contributed in the last five years can be transferred to a Roth IRA.

The maximum amount that can be transferred in a tax year is the annual IRA limit based on earned income; however, the Roth IRA income limitations do not apply to this provision. There is a lifetime 529 plan to Roth IRA rollover amount of $35,000 per individual.

A taxpayer with unused 529 plan funds should use this rollover mechanism as their primary way of funding their Roth IRA starting in 2024. They should not contribute directly to a Roth IRA until they either have exhausted the 529 plan funds or reached the $35,000 lifetime maximum.

Some forward planning is required to do this, but it’s a pretty good deal for those who have the time.

12/08/2023

If you're thinking of buying a clean vehicle and taking advantage of the tax credit, the IRS has a checklist to help you qualify.

11/17/2023

IR-2023-213, Nov. 14, 2023 — The Internal Revenue Service will hold a free webinar at 1 p.m. ET on Thursday, Nov. 16, to update employers, tax professionals and others on the most recent developments of the e-file requirements for information returns that take effect Jan. 1, 2024.

11/01/2023

IRA contribution limits increasing to $7000 next year!!!

IR-2023-203, Nov. 1, 2023 — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

10/19/2023

(taken with permission from another post)