Author Archives: barbreeves

10T Home Equity Debt election – deduction of home equity line interest with limitations Sec. 266 real estate tax election – A taxpayer who owns unimproved and unproductive real estate can elect to capitalize annual taxes, interest on a mortgage, and other carrying charges. This offsets gains. Must be elected every year. Installment sale treatmentContinue reading “RETROACTIVE 2024 TAX DEDUCTION IDEAS”

As of January 1, 2026, Delaware employers must provide PFML and as of July 1, 2026 Maryland must provide it as well. Delaware must have at least 10 employees (with chart in link attached explaining different levels) and Maryland must have only one to be required to comply. There will be insurance coverages for thisContinue reading “Paid Family and Medical Leave Act (PFML)”

This is the annual reminder to businesses to update the minutes.

Despite attending the Future State of Taxation forum in Harrisonburg, PA in 2016 with Nina Olsen, the tax advocate at that time, I have remained quiet for the last several years due to the national speaker stating that we (accountants/tax preparers) should only comment on tax law that has been passed. Of course (a sideContinue reading “State income tax and property tax”

Act now to avoid a penalty Either payment method – withholding or estimated tax payments – or a combination of the two, can help avoid a surprise tax bill at tax time and the underpayment of estimated tax by individuals penalty that often applies. If a taxpayer fails to make required quarterly estimated tax payments earlier inContinue reading “IRS reminder: Final 2024 quarterly estimated tax payment due Jan. 15”

From filing business property tax returns, I am on an email list for the State Department of Assessments. Yesterday I received a second letter in reference to the increase in home values during the last three years. This email actually stated that home prices have risen 20.1% and commercial properties 16.4%. Make sure you fileContinue reading “Property taxes”

 “You Can’t Make This Stuff Up” BOI Newsletter Last night, on December 26th, 2024 the Fifth Circuit reversed the December 23rd ruling that reinstated BOI filing requirements. What does this mean? We now return to voluntary filing-no one is required to file anything again! I don’t even know how or what to say to this clearly political footballContinue reading “The national tax speaker that I pay to listen to every year says it best:”

For the holiday season, I am on vacation. While we are not going anywhere, as I always say, unless the IRS is beating on your door, please think twice about calling. 😊 I will be returning January 6, 2025 ready to harass everyone about 1099s and yearend payroll reporting. Then the tax season begins –Continue reading “Staycation”

I knew this would happen. I am glad that they extended the due date since this is last minute change. Updates to Beneficial Ownership Information Reporting Deadlines – Beneficial Ownership Information Reporting Requirements Now in Effect, with Deadline Extensions In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicatedContinue reading “FIN CEN UPDATE”

Per their email: When finalizing W2s and 1099s, simply choose how to deliver the forms to vendors and contractors. By default, QB electronically delivers forms for those they have emails on file at the time of e-filing. However, to deliver physical copies to any recipients that have not given written consent to paperless 1099s, aContinue reading “QUICK BOOK (QB) PROCESSING OF 1099 AND W2”