by KNSS | May 3, 2023 | 2023 May News
For taxpayers waiting on their federal income tax refund, the IRS link below can provide an update on the status of the tax refund: https://www.irs.gov/refunds For taxpayers looking to get an update on the status of a federal amended tax return, the IRS link below...
by KNSS | May 3, 2023 | 2023 May News
Federal amended tax returns filed electronically for tax years 2021 or later can now opt for direct deposit of requested refunds. Previously, refunds for federal amended tax returns were only sent by paper checks. The IRS estimates that this change will speed up the...
by KNSS | May 3, 2023 | 2023 May News
Beginning in 2024, excess funds held in a 529 college savings plan will be eligible to be rolled over to a Roth IRA. For families who funded 529 college savings plans for their children and did not fully exhaust the accounts while utilizing the funds for qualified...
by KNSS | May 3, 2023 | 2023 May News
Over the past few years, we have seen a significant increase in clients trading virtual currencies such as cryptocurrencies. Investopedia defines virtual currencies as follows: “A virtual currency is a digital representation of value only available in electronic form....
by KNSS | May 3, 2023 | 2023 May News, Practice Management
From IRS News – IR-2023-49 In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams. For the start of the...
by KNSS | May 2, 2023 | 2023 May News
We first wrote about I-Bonds in an article included with our November 2021 Newsletter I-bonds are a great place to park some extra money if you are worried about the short-term prospects for the stock market and are nervous that increasing interest rates will cause...
