Advanced Accounting Service

03/26/2026

I have the nicest clients! Happy Spring!

09/03/2025

A new GOP tax bill known as the “One Big Beautiful Bill” (OBBB) ends a group of tax provisions for many "clean energy" tax incentives, including the electric vehicle tax credit, a tax break for home EV charging equipment, and those for energy-efficient home improvements.

In other words, several "green energy" tax incentives are coming to an end. So if you want to take advantage of home energy credits, take action before December 31, 2025. For the $7500 credit on electric vehicles, purchase before September 30.

12/09/2024

Update on Beneficial Ownership Information (BOI) Reporting and the Corporate Transparency Act (CTA)

On Dec. 3, 2024, a federal court issued a nationwide preliminary injunction in the case Texas Top Cop Shop, Inc., et al. v. Garland, et al., temporarily halting the enforcement of the CTA's BOI reporting requirements. This order stays all deadlines for reporting companies to comply with the CTA, and reporting companies are not currently required to file BOI with the Financial Crimes Enforcement Network (FinCEN).

Importantly, no liability will arise for failing to file BOI while the injunction is in effect. Despite this pause, companies may want to consider maintaining readiness by continuing to collect BOI to ensure compliance if the injunction is lifted and reporting deadlines are reinstated.

The Department of Justice has filed an appeal, and while the litigation continues, FinCEN has confirmed it will comply with the court's order as long as it remains in effect. Other courts across the country have upheld the CTA, and the Department of the Treasury maintains that the CTA is constitutional.

10/23/2024

IRS encourages all taxpayers to sign up for an IP PIN for the 2025 tax season

WASHINGTON — As the 2025 tax season approaches, the IRS encourages all taxpayers to take an important step to safeguard their identity by signing up for an Identity Protection Personal Identification Number (IP PIN).

This simple yet crucial step can provide an added layer of security, helping protect against tax-related identity theft.

The IRS encourages taxpayers to sign up for IRS Online Account, which provides a quick and easy way to obtain an IP PIN. Signing up early will ensure taxpayers have extra safety by having an IP PIN to electronically file their returns when the filing season begins in 2025.

The IRS encourages people to sign up for an IP PIN before Nov. 23, 2024. After this date, the IP PIN system will undergo maintenance and will not be available again until early January 2025. Signing up for an IP PIN now will ensure that a taxpayer’s identity is protected when the filing season begins. New IP PINs are generated for the 2025 filing season during this period, so online enrollees must retrieve their new IP PIN starting early January 2025.

Send a message to learn more

08/17/2023

New school year reminder to educators from the IRS:
The maximum educator expense deduction is $300 in 2023

As the new school year begins, the IRS reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2023 when they file their federal income tax return next year.

This means that an eligible educator can deduct up to $300 of qualifying expenses paid during the year. If they’re married and file a joint return with another eligible educator, the limit rises to $600. But in this situation, not more than $300 for each spouse.

Wishing all our educators out there a wonderful school year!

11/01/2021

The 2022 Marketplace on Healthcare.gov is now open. Due to the COVID relief law passed earlier this year, many people who buy health insurance through the Marketplace are now eligible for more savings and lower monthly premiums. Be sure to go to https://www.healthcare.gov/

Official site of Affordable Care Act. Enroll now for 2022 coverage. See health coverage choices, ways to save today, how law affects you.

05/21/2021

Good news! The IRS will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that was later excluded from taxable income by the American Rescue Plan. They'll begin with single taxpayers who had the simplest tax returns, and work into those with more complicated tax returns.
The refunds will go to the taxpayer's bank account if one was provided on the original return. Be sure to keep any documentation that is received from the IRS.

04/07/2021

11/30/2020

Just sharing as we get ready for the next tax season--always good to "get your ducks in a row" before you need to!

Photographer: Bloomberg/Bloomberg Business IRS Plans a 50% Ramp-Up in Audits of Small Businesses Next Year By Laura Davison November 17, 2020, 1:20 PM EST 2:25 IRS Plans a 50% Ramp-Up in Audits of Small Businesses Next Year By Laura Davison , November 17, 2020, 1:20 PM EST IRS starts at low base; ra...