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CPA Insight
Information courtesy of Thomson Reuters

Kort Redick, CPA  & Leanne Tarleton

Inflation Reduction Act

The Inflation Reduction Act was signed into law in August of 2022 and established three credits for homeowners: the Energy Efficient Home Improvement Credit, the Residential Clean Energy Credit, and the Alternative Fuel Vehicle Refueling Property Credit.

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Kort Redick, CPA  & Leanne Tarleton

Tax-free Student Loan Assistance 

The CARES act temporarily allows employers to pay up to $5,250 in loan payments each year, tax-free. These changes will remain in effect until the end of 2025.

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Kort Redick, CPA 

Scam Phone Calls 

Phone calls demanding payment are scams. Please do not pay over the phone. This goes for scammers claiming to be the IRS as well as law enforcement. 

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Kort Redick, CPA 

Incorrect IRS Notices 

The IRS is having a national systemic problem. They have sent out CP14 notices to timely filed taxpayers saying the taxpayer owes for 2021 even though the taxpayers have paid, and their checks or electronic payments cleared their banks in April. 

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Kort Redick, CPA & Leanne Tarleton

Home Office Deductions 

Since the start of the Covid-19 pandemic, many individuals have shifted from working in a public office to working from home. Some individuals may receive a home office deduction if they meet the IRS requirements. 

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Kort Redick, CPA & Leanne Tarleton

Taxing Businesses 

The IRS taxes each business entity differently. It is important for business owners, shareholders, and partners to understand how their businesses are taxed and how it affects their individual taxes.

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Kort Redick, CPA & Leanne Tarleton

Ordinary and Necessry Business Expenses 

Business expenses must be considered ordinary and necessary to be tax-deductible. Expenses outside of a business’s trade are considered personal expenses and are not deductible for the business.

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Kort Redick, CPA & Leanne Tarleton

Cryptocurrency and the Keeper App 

When investing in cryptocurrency, it is extremely important to plan for death or incapacity. One way to make sure your loved ones will have access to your cryptocurrency investments is by using a password manager to store all your important usernames and passwords.

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Kort Redick, CPA & Leanne Tarleton

Cryptocurrency and the Wash Sale Rule

The IRS specifics that the Wash Sale Rule only applies to securities, and cryptocurrency is considered property, not a security. Therefore, the wash sale rule does not currently apply to buying and selling cryptocurrencies. 

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Kort Redick, CPA & Leanne Tarleton

Inheriting a Retirement Plan

Inheriting a retirement plan can be overwhelming. Many decisions need to be made when someone inherits a retirement plan, and a wrong decision can result in expensive consequences.

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Kort Redick, CPA & Leanne Tarleton

Where is my refund?

What to do if you have been waiting for over 6 weeks to receive your tax refund for an electronically filed tax return.

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Kort Redick, CPA & Leanne Tarleton

COVID-19 Business Relief Grant Program 

The Anchorage Municipal Assembly is offering special grant funds of up to $5,000 through the Municipal COVID-19 Business Relief Grant Program to eligible small business owners in the Municipality of Anchorage. 

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Kort Redick, CPA & Leanne Tarleton

Meal and Entertainment Deductions

The IRS has made many changes to tax laws regarding meal and entertainment deductions for businesses. A more recent act, the Consolidated Appropriations Act, created temporary rules for meal deductions in 2021 and 2022.

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Kort Redick, CPA & Leanne Tarleton

Advance Child Tax Credit Payments

Beginning on July 15, the IRS will send qualifying individuals and families advance Child Tax Credit payments. The IRS will pay half of the total credit amount for 2021 in advance, and payments from the IRS will be sent to qualifying taxpayers monthly.

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Rebecca Martin, CPA

Newest Info on 2020 Stimulus and Decedents

Anyone who was alive as of 1/1/2020 was entitled to both 2020 stimulus checks. If the decedent before date of death or if the "estate" after did not receive both the $1200 & $600, you can take the recovery rebate credits on their final 1040/last joint return with surviving spouse.  

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Kort Redick, CPA

Employee Retention Credit

The employee retention credit (ERC) may be a possible resource of government funds you should consider. Recent legislation (December 27) and recent guidance over the last few weeks has expanded eligibility to businesses that were previously unable to qualify for this credit.

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Kort Redick, CPA

Second round of funding for PPP Loans

The 2nd round of funding for PPP Loans will be available this week.

Small businesses who did not receive a PPP loan on the first go around can begin to apply January 11, 2021-apply with your local bank.

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Thomson Reuters

Many retirement plan dollar limits increase for 2021

IRS has announced the 2021 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many limits, which are adjusted by reference to Code Sec. 415(d), are changed for 2021 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged. Certain dollar limit changes keyed to Code Sec. 1(f)(3) have also increased.

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Thomson Reuters

PBGC sets 2021 premium rates

The Pension Benefit Guaranty Corporation (PBGC, a government agency that collects insurance premiums from employers that sponsor insured defined benefit plans) has released the 2021 premium rates.

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