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September 2023 Newsletter
Featured Articles
An “Innocent Spouse” May Be Able to Escape Tax Liability
September 2023
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire
Tax Implications to Be Aware of After a Job Loss
September 2023
Despite the generally robust job market, some people are still losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, you may face tax implications due to your
Buy-Sell agreements Require Careful Planning
September 2023
Does your business have multiple owners? If so, you need a buy-sell agreement. This type of binding contract determines how (and at what price) ownership shares of a privately held business will change hands should an owner depart. There
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
September 2023 Newsletter
Tax Tips
Tax Due Dates for September 2023
September 2023
September 15
Individuals - Paying the third installment of 2023 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-Year Corporations - Paying the third installment of 2023 estimated income taxes.
Calendar-Year S Corporations - Filing a 2022 income tax
Tax Season Is Long Over, but Tax Scams Are Thriving
September 2023
The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft.Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the
What Certain IRS Notices Mean
September 2023
What does it mean if a business receives a Notice CP2100 or CP2100A from the IRS? These notices tell recipients that the Form 1099 information returns they've submitted contain missing or incorrect Taxpayer Identification Numbers, names or both.
To respond,
IRS Provides Guidance on SECURE 2.0 Catch-Up Contribution Changes
September 2023
In Notice 2023-62, the IRS addressed a technical error in the SECURE 2.0 Act that wouldn’t have allowed catch-up contributions to 401(k)s and similar plans after 2023.
Generally, taxpayers who’re age 50 or older are allowed to make additional “catch-up”
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
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