Tax & Accounting Update
IRS Pledges paperless tax processing by 2025
On August 2nd. it was announced that the IRS is aiming to allow taxpayers to digitally submit all agency correspondence by 2024 and achieve paperless processing capabilities by the 2025 filling tax season. The initiative is voluntary. Taxpayers who prefer to submit paper returns and correspondence may continue to do so. Accountants in the past have struggled to get in touch with the IRS by phone due to extra-long wait times, and IRS responses to the paper correspondences in some cases have known to take up to a year. I personally look forward to the implementation of a portal where the IRS will be able to accept and respond digitally to correspondence. For a full article click on the link below.
Tax Reminders
September 15th Tax Deadline
Please be aware that Partnership Tax Returns (Form 1065) and S Corp Tax Returns (Form 1120S) are due September 15th. The original deadline for filling Form 1065 and Form 1120S was March 15th. Businesses that have filed for a six-month extension now have till September 15th to file 2022 tax return. This is the last date to get those fillings done. If Form 1065 and Form 1120S do not get filed by the extended deadline (September 15th) significant penalties could be applied. Form 1120 (Corporate Tax Returns) are due October 15th.
Tax Breaks for Teachers and other Educators
Now that it is time for the start of the new school year, it is important to know that if you are a teacher or other educator you can still deduct certain unreimbursed expenses (books, supplies, classroom equipment and supplementary material) which will reduce your taxable income. The educator expense deduction allows eligible teachers and other educators to deduct up to $300 of unreimbursed expenses in 2023. To be eligible, you must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aid for at least 900 hours during a school year in a school that provides elementary or secondary education.
Europe Trip & Pickleball Tournaments
Since the last newsletter issue went out, I spent close to four weeks in Bosnia and Herzegovina visiting my family. Before and after my trip, I was able to squeeze in two pickleball tournaments. The first tournament was a few days before I left and the second a few days after I came back. The picture here is from the beach in Croatia (Adriatic Sea).
Hot Springs, AR 7/8 – 7/9
Mixed Doubles – Played with Eric Zheng – Gold
Women’s Doubles – Played with Lindsey Blount – Silver
NOLA Picklefest (New Orleans) – 8/11 – 8/13
Women’s Doubles – Played with Lindsey Blount – Bronze