ESTEEMED CLIENTS:
- Please have patience with your tax refund, the IRS is currently still in the process of reviewing 2022/2023 Taxes.
- Also for anyone who is owing taxes, consider reviewing your tax withholding on your form W4
On line 5, to have the maximum amount of withholding please update this to “0” .
This upcoming tax year, the current administration will enforce that anyone using cash apps, Venmo and other applications to be issued 1099 for anything over $500. To avoid being audited we strongly suggest that in the memos of your transactions, you write “ refund for dinner”, and “groceries, birthday gift", as of now if you use a platform like Zelle it will be considered a wire transfer, and is the loophole. ( this is subject to change )
PPP LOAN:
If you have had a PPP Loan, please provide any documentation and the forgiveness notice.
We suggest that all clients please retain copies of their receipts as the IRS can request copies of your proof should they audit you. This includes even the smallest of receipts, bank statements will not be sufficient proof.