The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
IRS · 2 min read ·
IRS Finalizes New Rules for Inherited IRAs, Ending the Stretch IRA Strategy
The IRS has officially ended the possibility of extending ("stretching") the distribution of inherited IRAs for most non-eligible beneficiaries. Under the new rules, beneficiaries who inherited IRAs in 2020 or later m…
Read article
IRS · 4 min read ·
IRS Issues Warning on Rising Impersonation Scams Targeting Seniors
As part of the ongoing efforts to protect the senior community, the Internal Revenue Service (IRS) has issued a warning about the increasing threat of impersonation scams targeting older adults. These scams involve fr…
Read article
IRS · 2 min read ·
IRS Warns Against New Clean Energy Tax Credit Scam
The IRS has alerted taxpayers about a new scam involving the purchase of clean energy tax credits. Fraudulent tax return preparers are misrepresenting the rules for claiming these credits under the Inflation Reduction…
Read article
Business · 3 min read ·
IRS Highlights New Red Flags for Employee Retention Credit Claims: What Businesses Should Know
The IRS has identified two new red flags in Employee Retention Credit (ERC) claims: businesses double-dipping on wage claims (like using wages for both the ERC and Paycheck Protection Program forgiveness) and claiming…
Read article
IRS · 2 min read ·
IRS Extends Free File Program Through 2029
Are you filing your own taxes to save money but paying for software or mailing in paper copies? Did you know the IRS has a free file program available for your use? The Internal Revenue Service recently announced that…
Read article
IRS · 3 min read ·
IRS Highlights Options for Taxpayers Missing the April Filing Deadline
Did you know even if you submit an extension to file your tax return later in the year that any balance is due by April (March if you are one of certain entity types? Are you struggling to pay the balance due? Did you…
Read article
IRS · 2 min read ·
Navigating IRS E-Filing Requirements: Insights for Business Owners with Religious Beliefs
As a business owner, you may be interested to know that the Internal Revenue Service (IRS) recently released Notice 2024-18, offering valuable insights into how you can navigate the requirement to electronically file…
Read article
IRS · 2 min read ·
IRS Launches Simple Notice Initiative to Enhance Taxpayer Communication
You'll be interested to know that the Internal Revenue Service (IRS) has recently introduced an initiative called Simple Notice, aimed at revamping its notices to make them more user-friendly for taxpayers. This initi…
Read article
IRS · 3 min read ·
Why You Might Want to File an Extension - It's Not Desperation
As tax season approaches, many taxpayers feel the pressure to file their taxes on time. However, filing for a tax extension could be a smart financial move rather than a sign of desperation. That's right—contrary to p…
Read article
IRS · 2 min read ·
IRS Alerts Businesses and Tax Professionals on Compliance Risks with Employee Stock Ownership Plans (ESOPs)
The IRS is paying extra attention to Employee Stock Ownership Plans (ESOPs) as part of its efforts to make sure high-income taxpayers pay their fair share of tax. ESOPs are retirement plans where employees own stock i…
Read article
IRS · 2 min read ·
Protecting Yourself from Tax Scams: What You Need to Know
Tax scams are not only on the rise but have become a thriving business for fraudsters, with millions, if not billions of dollars at stake. In this article, we aim to enlighten you about the current tax scams and offer…
Read article
Business · 3 min read ·
New Tax Credits Encourage Small Businesses to Offer Retirement Plans
If your business hasn't offered retirement accounts to your employees, you should consider doing so now, thanks to new tax credits available under the Setting Every Community Up for Retirement Enhancement (Secure) Act…
Read article
Ready when you are
Ready for the books to feel lighter?
Start with a simple conversation. We’ll learn what you need and decide together whether we’re the right fit.
Start a conversation