October 2024

And the evil in the world just keeps chugging along.  Case in point: 

In the wake of Hurricanes Milton and Helene, the IRS has warned in a Oct 15th statement that fraudsters have been exploiting the generosity of individuals looking to help disaster victims by soliciting donations through fake charitable organizations.  These scams are designed not only to steal donations but also to harvest personal and financial data from unsuspecting Americans, which opens the door to identity theft.

One of subjects that seems to come up when doing people's taxes and I see that they have changed jobs that had retirement plans is: What did you do with your retirement plan at your previous employer?

I have also found it amazing how many people have not even thought about it, or know what their options are.  So, here is a short primer on your options.

#1 - 401(k) rollover: Keep you savings with your previous employer's plan

As the year winds down, it's time to start thinking about preparing your finances for the end of the year. QuickBooks, a popular accounting software, can be a valuable tool in this process. In this blog post, we'll explore how QuickBooks can help you organize your financial records, track your income and expenses, and ensure that you're ready for tax season.

The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025 - in case you are planning how much money you have to hand over for them to waste next year.

Notable changes for tax year 2025

The tax year 2025 adjustments described below generally apply to income tax returns to be filed starting tax season 2026. The tax items for tax year 2025 of greatest interest to many taxpayers include the following dollar amounts:

The US Supreme Court recently ruled in a case called Polselli v. IRS, that the IRS can sometimes secretly probe bank records without notice to taxpayers. Under an existing statute, the IRS can also without notice request and examine bank records of people who don't even owe it money - like friends, family, and associates of a taxpayer who does owe the IRS.

This dispute began when a taxpayer (Remo Polselli) owed more than $2 million in taxes to the IRS.