CPA Blog (Nerd Talk)Crunching Numbers. Nurturing Finances.Tax Talk.

IRS Resumes LT38 Collection Notices After Two-Year Break Due to COVID

IRS LT38 Collections 2024: Understanding the Resumption Notices The Internal Revenue Service (IRS) has recommenced the distribution of collection notices to taxpayers, marking a continuation of its automated reminder system. These notifications, which resumed dispatch in January, are being sent via regular postal service on a phased basis over the forthcoming months, targeting an audience …

Tax Dates 2024: Important New Tax Updates

Embark on the tax season quest of 2024 with the precision of a seasoned strategist armed with the latest updates and critical deadlines in the realm of taxation. This year unveils a series of pivotal tax dates that demand the attention of every individual, enterprise, and arcane tax mage. By harnessing the power of foresight …

New Federal Reporting Requirements: A Guide for Small Businesses in 2024

Understanding the FinCEN Reporting Mandate What Small Business Owners Need to Know The year 2024 brings new federal reporting requirements for small businesses across the United States. This mandate, overseen by the Financial Crimes Enforcement Network, commonly referred to as FinCEN, a bureau of the U.S. Department of the Treasury, is aimed at combating financial …

1040 Checklist: Tax Preparation Made Easy

Welcome to the stress-free zone of tax preparation! With tax season upon us, CPA Nerds is here to make your tax filing experience as seamless as possible. We’re thrilled to introduce our new 1040 Checklist, a tool that promises to help reduce the stress of tax preparation. The New 1040 Checklist The 1040 Checklist is …

Introducing Our New Gateway Portal

Using Our New Gateway Portal At CPA Nerds, we’re like the superheroes of privacy and security – we’ve got your back! Your comfort is our top priority, especially when it comes to handling your important tax info. That’s why we’ve leveled up our security game! Our new, shiny multifactor authentication process is like a secret …

IRS Announces Second Phase of ERC Amnesty Program

Phase II of ERC Amnesty Program: What Businesses Need to Know The IRS has unveiled a second phase of the Employee Retention Credit (ERC) amnesty program. This program allows businesses that previously received ERC funds to return them without facing future penalties. Eligibility criteria include no criminal investigations, no third-party alerts, and no prior notice …

Are You Eligible? IRS to the Rescue: $1 Billion in Penalties Waived for Taxpayers

The IRS’s $1 Billion Tax Penalty Amnesty: Cheers to a Fresh Start! In a surprising move aimed at helping those grappling with back taxes, the Internal Revenue Service (IRS) has just unveiled an exciting new penalty relief program. Approximately 4.7 million individuals, businesses, and tax-exempt organizations are in for some good news. If you didn’t …

2024 IRS Adjustments for Retirement and Health Benefit Plans

Overview of 2024 IRS Cost-of-Living Adjustments The Internal Revenue Service (IRS) has released the updated cost-of-living adjustments for 2024, affecting both retirement plan and health and welfare benefit plan limits. Below are charts detailing these new limitations. Retirement Plan Limitations Retirement Plan Limitation 2023 Limit 2024 Limit 401(k) and 403(b) Employee Contribution Limit $22,500 $23,000 …

IRS Underpayment Penalty Soars to 8% – Gig Workers and Consultants Beware!

IRS Raises Underpayment Penalty to 8%: What Gig Workers Need to Know The IRS Penalty for Underpayments Triples to 8% – Gig Workers and Consultants Beware! In a surprising turn of events, the Internal Revenue Service (IRS) has significantly increased its penalty for tax underpayments, soaring from 3% just two years ago to a whopping …

IRS Postpones Digital Tax

Major Change in Tax Reporting for Digital Business Transactions Hey there, digital entrepreneurs and side hustlers! Are you part of the dynamic world of online business, receiving payments through platforms like PayPal, Venmo, eBay, Etsy, or Poshmark? If yes, then you’re in for some crucial tax-related news from the IRS that’s about to make your …