Leah’s Accounting & Business Solutions Facebook Feed
IT'S A WRAP!!!!! Tax Season is officially over!!!! All returns have been filed, or people put on extension! Thank you all for your continued support! ![]()
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Our offices will be closed for the rest of this week, re-opening with normal business hours on Monday April 22nd. ![]()
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For those that don't remember, our new office hours are Monday through Thursday from 8am to 4pm. 😎🥸🥳🤩
*** Options for Taxpayers with Balances Due ***![]()
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The IRS has multiple options for taxpayers dreading the upcoming deadline simply because they have a balance due. Taxpayers are highly encouraged to file their return or extension by the April 15th deadline, even if they can't pay the full tax bill. This will help avoid failure to file penalty. ![]()
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If you are a taxpayer looking for assistance on setting up payment plans, check out some of the options at: ![]()
Get help with tax debt | Internal Revenue Service
www.irs.gov
If you owe taxes and can’t pay, the IRS can help. You have options.
What an amazing weekend! We closed early on Thursday and took a MUCH needed long weekend to recharge the brain cells! ![]()
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Where has this year gone????? First deadline has passed, onto the next! Tax day in T-minus 28 days....but who's counting? 😁![]()
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If you are a returning client and we haven't heard from you yet, I highly recommend getting in touch with our offices asap. If you are a new client, we look forward to hearing from you too....sooner rather than later!![]()
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Happy Monday!
*** Just in from the IRS ***![]()
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Spokane area tax payers living within Spokane County that were impacted by the wildfires will qualify for tax relief. ![]()
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The tax relief postpones various tax filing and payment deadlines that occurred from Aug. 18, 2023, through June 17, 2024 (postponement period). As a result, affected individuals and businesses will have until June 17, 2024, to file returns and pay any taxes that were originally due during this period.![]()
This means, for example, that the June 17, 2024, deadline will now apply to:![]()
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• Individual income tax returns and payments normally due on April 15, 2024.![]()
• 2023 contributions to IRAs and health savings accounts for eligible taxpayers.![]()
• 2023 quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan. 16, 2024, and 2024 estimated tax payments normally due on April 15, 2024.![]()
• Quarterly payroll and excise tax returns normally due on Oct. 31, 2023, and Jan. 31 and April 30, 2024.![]()
• Calendar-year partnership and S corporation returns normally due on March 15, 2024.![]()
• Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2024.![]()
• Calendar-year tax-exempt organization returns normally due on May 15, 2024.![]()
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In addition, individuals and businesses that had an extension to file their 2022 returns will also have until June 17, 2024, to file them. However, tax-year 2022 tax payments are not eligible for this relief because they were originally due last spring, before the disaster occurred.![]()
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If you have any questions or need assistance, please feel free to contact our office.
So proud of our wrestlers! Congratulations on doing your best! Two state champs is pretty amazing! ❤️Happy Monday wrestling family!!! A big THANK YOU to Leah's Accounting Solutions for sponsoring our newsletter this week and these amazing wrestlers! Thank you for supporting our wrestling club!!!
Good morning and Happy Saturday! We hope everyone is enjoying this rainy weekend here in North Idaho!![]()
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We have heard a few stories around town about the changes in our business operations and would like to take a moment to clear up a few questions/concerns:![]()
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1. We are not closing, nor are we short staffed for tax season. There has been and is still one person that completes tax returns, Leah Anderson. This will continue.![]()
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2. We are accepting new tax clients, don’t hesitate to contact our office during business hours. If it is after hours, please leave a voicemail and we will return your call.![]()
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3. Major changes that have been made in our office affect only our monthly clients, as they will not have their books up to date during tax season, but all other services such as payroll, and monthly filings will be completed. Monthly clients will be caught up on in May. All have been notified of these change as well…..so let’s not turn this into something it’s not.![]()
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4. Business Hours are Monday through Thursday from 7am to 5pm, during tax season. Friday, Saturday and Sunday are by appointment only. Why some are asking….well this gives Leah 3 days to focus on tax returns without phone calls, appointments and questions. ![]()
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5. Why is email the best way to contact with Leah during this time, because “Do you have time for a quick question” phone calls typically turn into multiple questions and 30 minutes later it is no longer a quick question. If you don’t email, then call the office, leave the message with Debbie and Leah will get back to you as quickly as she can, just keep in mind in order for her to accomplish her daily tasks she is handling most phone calls on Monday’s and Fridays.![]()
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6. Yes, Leah will be taking a vacation at the end of tax season….expect to have the office closed for about a week beginning May 5th.![]()
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If you have any more questions, or hear more talk from, “Billy’s cousin’s, uncle’s girlfriend said…..” please contact our office before you pass on the information you heard.
Today is the day! Tax Season and e-filing is officially open! For new and returning clients, you are welcome to drop off information if you don't want to make an appointment. If you want to make an appointment, please call the office and get on the calendar, 208-245-0930. Friday, Saturday and Sunday will be by appointment only. Office hours are Monday through Thursday, 7am to 5pm. ![]()
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Let's do this!!!!! Game time!
NEW OFFICE HOURS - ![]()
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Effective immediately office hours will be as follows:![]()
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Monday thru Thursday - 7am to 5pm![]()
Friday thru Sunday - Closed![]()
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During tax season, Fridays will be by appointment only. We want to make sure that we are available for all our clients, so if Friday, Saturday or Sunday are the only days you have, please call our office and we can make special arrangements.
Just a heads up: things are getting a bit lean and mean around here! Due to changes in our office structure, I'm flying solo for the time being - both office manager and bookkeeper/Accountant extraordinaire rolled into one. We still have our wonderful receptionist to greet you in person or over the phone, but for the most part office operations are down to a one-person show and that one person is pulling double duty to make sure everything is covered as it always has been. ![]()
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While I'm excited about the new challenge, it also means some adjustments are necessary in the short term, particularly when it comes to monthly bookkeeping and tax preparation. I'll keep you fully informed about any changes in process or timeline, but rest assured, I'm committed to keeping things running smoothly and efficiently, please be patient as I navigate this new solo act. I'll keep you updated on any specific changes, and of course, I'm always open to questions and feedback.![]()
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Just remember, a smaller team means a bit more patience from everyone - bear with me, and we'll come out the other side stronger than ever! Let's work together to make this transition a seamless one!
Our offices will be closed tomorrow, Friday, January 12th as we continue to prepare for the upcoming tax season. Thank you for your understanding! Have a wonderful weekend~
For those of you chomping at the bit to get your taxes done....hold on there turbo! While you may already have your W2 in hand, the IRS announced today that the official start date is Monday, January 29, 2024. This is when the IRS will reopen for e-filing. ![]()
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Call the office for an appointment or drop off time....Game time in T-minus 20 days.......tick tock tick tock.....
Our offices will be closed tomorrow, January 5th. Have a wonderful weekend, back to normal hours on Monday!
Our offices will be closed from Friday, December 29th reopening Tuesday, January 2, 2024. Thank you so much for the amazing year! Tax season starts…..T Minus 5 days….tick tock tick tock….![]()
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We hope you all have a safe and happy New Year celebration! Stay safe, stay warm….live laugh love! ❤️
So thankful for this community and support! Without you, there would be no Leah’s Accounting Solutions! Thank you all for allowing me to do what I love…I never work a day in my life ❤️
Our offices will be closed from Friday, December 15th until Tuesday, December 26th. We wish you all a very Merry Christmas.
From all of us to you....without you there would be no us, we are thankful for each and everyone of our clients that choose us to walk through life with them. We wish you all a happy and safe holiday weekend.
Our offices will be closing early today at noon so we can spend time with our families. We will return to normal business hours next Monday the 27th. We wish all a Happy and safe Thanksgiving. Gobble till you wobble!
***Tax Tip Wednesday***![]()
There have been rising concerns about the flood of improper Employee Retention Credit claims. The IRS announced there is going to be a longer processing period of 180 days or longer if the claim faces further review or audit. This new compliance review is crucial to protect against fraud but also to protect the businesses from facing penalties or interest payments stemming from bad claims pushed by promoters.
Our office is closed to the public today, as we are diligently working to finish up all Corporate tax returns on extension by todays midnight deadline. If you need to reach us, please send and email to landerson@leahsacct.com and she will follow up with you next week.![]()
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This was the best way to have no distractions with such a tight deadline. Thank you for understanding. ![]()
Have a great weekend!
We will be closing today at 2:00 P.M. and Jessica will b e returning on Tuesday the 5th at 9:00 A.M.![]()
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September 5th - 7th office hours are 9:00 A.M. to 2:00 P.M. Sorry for any inconvenience.
We will be closing at 2 P.M this afternoon. Sorry for any inconvenience. We Will Re- Open at 8 A.M. tomorrow the 23rd.
*** Tax Tip Friday ***![]()
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Truckers are strongly encouraged to E-file by August 31st. ![]()
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• People who have registered or are required to register large trucks, and or buses ![]()
with taxable gross weight of 55,000 pounds or more to E-file form 2290 by ![]()
August 31st, payment deadline for vehicles first used in July 2023.![]()
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• Taxpayers that have 25 or more taxed vehicles registered in their name must E- ![]()
file Form 2290 and pay the tax. ![]()
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For more information you may contact Leah’s Accounting Solutions at 208-245-0930.
Speechless….thank you doesn’t express how much this means to me Taylor Fairweather and Brandon…❤️ this will be framed and put over her box on the mantle.
Here’s to the best office mascot ever. You will be missed my sweet sweet pretty girl.
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When this happens, it's usually because the owner only shared it with a small group of people, changed who can see it or it's been deleted.
We will be closing at 2 P.M this afternoon. Sorry for any inconvenience. We Will Re- Open at 8 A.M. tomorrow the 25th.
We will be closing today at 11:00 for a continuing education course. We will be back in the office around 2:30. Sorry if this causes any inconveniences.
*** Tax Tip Tuesday***![]()
Taxpayers may qualify to exclude all or part of any gain from the sale of their income when filing taxes.![]()
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Things to consider when selling your home:![]()
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• During the 5-year period ending on the date of the sale, the homeowner must ![]()
have owned the home and lived in it as their main home for at least 2 years.![]()
• If you sell your main home for a capital gain you may be able to exclude up to ![]()
$250,000 of that gain from your income. If you file jointly with your spouse that ![]()
exclusion can be up to $500,000.![]()
• Taxpayers can only exclude the gain of their main home and must pay taxes on the ![]()
gain from selling any other home.
Our office will be closing today at noon, and will be taking Monday and Tuesday off for the 4th of July Holiday. Have fun and be safe out there!
Our office will be closing today at noon, and will be taking Monday and Tuesday off for the 4th of July Holiday. Have fun and be safe out there!
Our office will be closing today at noon, and will be taking Monday and Tuesday off for the 4th of July Holiday. Have fun and be safe out there!
Our office will be closing at 3:00 P.M today. Sorry for any inconvenience. We will be open tomorrow at 8:00.
*** Worry Free Wednesday*** ![]()
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Small business owners who file their own taxes will soon be able to save time with the simplified tax forms. The IRS is updating forms businesses use the most such as Forms 940, 941 and 944 these forms will be mobile friendly and available in multiple languages.
*** Tax Tip Tuesday*** ![]()
Business travel deductions are available for certain people who travel away from their home or main place of work for business reasons only.![]()
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Here are some deductions businesses can get for travel.![]()
• Travel by plane, train, bus or car between home and a business destination.![]()
• Fares for transportation between an airport or train station and hotel. Or from a ![]()
hotel to a workstation.![]()
• Using a personal car for business.![]()
• Lodging and meals![]()
• Business calls and communication.![]()
• Also tips paid for services related to any of these expenses.
Our office will be closing at 2:00 P.M today. Sorry for any inconvenience. We will be open tomorrow until Noon.
*** Worry Free Wednesday*** ![]()
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Attention small business owners! By next filing season the IRS is making upgrades to their online services. They plan to expand online service tools you will be able to see tax information and schedule and track payments. ![]()
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By 2024 small business owners will be able to respond to correction of self-employment income, employment- related identity theft notifications.![]()
Another update the IRS is doing to help small business owners is improving processing times and faster refunds.
*** Worry Free Wednesday***![]()
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What should you do if you receive a letter from the IRS:![]()
• Don’t panic and read the letter carefully.![]()
• Review the information. Compare it with the original return.![]()
• Take requested action. ![]()
• Reply only if requested.![]()
• Keep the letter or notice for your records.![]()
• Most importantly watch out for scams! The first contact is by mail. If unsure check ![]()
the website at tax account information on IRS.gov.
*** Tax Tip Tuesday ***![]()
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If you have been in a disaster, you may feel overwhelmed. Your important documents such as financial information and tax records are often destroyed. You might need this information to apply for assistance and insurance reimbursement. No need to fret you may go to the IRS.gov website to get information you will need for filing extensions and information on tax relief.
Back up with power! We will be in the office tomorrow at our normal business hours, 8 to 5 🙂 ![]()
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The storm was pretty bad at the end of our road, honestly, surprised internet and power have both been restored! Cause the ZIPLY box doesn’t look so good…..
Our office is closed for the rest of the day due to a power outage. Hopefully it gets restored soon! We will keep you updated! Be safe out there and enjoy the thunder and lightning!
Love this! Sure will come in handy on those days we want to get lunch, but don’t have time to leave, Wendy Baskin and Jessica Maimone!
*** Worry Free Wednesday***![]()
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If you have installed solar panels or have made other home improvements such as replacing windows or doors, even upgrading a water heater, you may qualify for home energy credits.
*** Tax Tip Tuesday***![]()
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Every Taxpayer has the right to pay no more than the correct amount of taxes!![]()
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• You can file for a refund if you believe you overpaid.![]()
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• Contact the IRS directly if there is an error on a notice or bill.![]()
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• You may also file an amended tax return if the error is discovered after the ![]()
original return was filed.![]()
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• Use the IRS website IRS Online Account and request that any amount owed be ![]()
removed if it exceeds the correct amount due.![]()
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• Submit an Offer in Compromise to ask IRS to accept less than the full amount of ![]()
tax debt.
Our office will be closing at Noon today. Hope you all have a wonderful weekend in the sun!!![]()
Back open at 8am on![]()
Monday, 06-05-2023
*** Worry Free Wednesday ***![]()
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Are you running a business or is it just a hobby? Here are some things to consider:![]()
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- Do you keep complete and accurate books?![]()
- Does your time and effort show you intend to make a profit?![]()
- Do you depend on the income from the activity for livelihood?![]()
- Do you change methods of operation to improve your profits?
*** Tax Tip Tuesday***![]()
The IRS has been issuing warnings about Employee Retention Credit (ERC) since last year. This has made the Dirty Dozen tax scam. So please be aware of these warning signs.![]()
• Calls or even advertisements stating, “Easy application process.”![]()
• Statements that the promoter or company can determine eligibility within minutes.![]()
• Upfront fees to claim the credit.![]()
• Be aware of fees based on percentage of the refund amount.![]()
• Aggressive claims from the advocate that the business receiving the solicitation qualifies before any discussion of the tax situation. ERC is a complex credit that requires careful review before applying.![]()
• There have been aggressive suggestions from marketers pushing business to submit the claim because there will be no fault in doing so. But those receiving the credit improperly may have to pay the credit. Along with substantial interest and penalties.
*** Tax Tip Tuesday ***![]()
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Withholding tables update: ![]()
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Due to a law change for 2023, tax rate brackets have decreased from four to two. This includes the Idaho Child Tax Credit Allowance Table to reflect lower tax rates. No need to adjust withholding from the beginning of the year, however you might want to use the revised tables going forward.![]()
• idaho.us2.list-manage.com/track/click?u=cee6d9fcc6ff77b51e5a073fa&id=d0b08723b6&e=df7719698a![]()
For more information, don’t hesitate to call the office at 208-245-5204.
idaho.us2.list-manage.com
Due to various vacation schedules, our Office will be open from 9am to 2pm ![]()
starting ![]()
Monday, May 8 & continue through Tuesday, May 16, 2023.![]()
See you when we get back.
Our office will be closed Friday, April 28, 2023![]()
Hope you all have a great weekend.![]()
Back at it on Monday, May 1st
*** Worry Free Wednesday***![]()
Just because you are not legally obligated to file a tax return you could still get money back if you file. A person may qualify if:![]()
• Have had federal income tax withheld from their pay.![]()
• Made estimated tax payments.![]()
• Qualify to claim refundable tax credits.
*** Tax Tip Tuesday***![]()
A small business may qualify for the Research and Development credit:![]()
A small business may claim up to $500,000 of qualified research expenses as a credit against payroll taxes. To qualify the business needs be less than 5 years old and cannot exceed $5 Million.
We will be closing at noon today. Sorry for any inconvenience. We will be open again on Monday from 8-5 thank you.
*** Worry Free Wednesday ***![]()
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New mothers in the workplace are covered as follows: ![]()
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FLSA requires employers to provide a reasonable break time to express milk for employee’s nursing a child for 1 year after the child’s birth. Every time a mother needs to express her milk, the employer must provide a place to do so other than in a bathroom. This location must be private and away from the public and co-workers.
*** Tax Tip Tuesday***![]()
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Bookkeepers who file tax documents, such as employment taxes or other tax returns for companies must attach a Power of Attorney (POA). If a valid Power of Attorney is not attached, there is a possibility claims or returns may be denied.
And .... Just Like That... It's A Wrap & Tax Season is Over!![]()
In True Leah Style, Our Office will be Closed Monday, April 17, 2023 & Tuesday, April 18, 2023. ![]()
Thank you all for your Continued Support
And .... Just Like That... It's A Wrap & Tax Season is Over!![]()
In True Leah Style, Our Office will be Closed Monday, April 17, 2023 & Tuesday, April 18, 2023. ![]()
Thank you all for your Continued Support
Online Payment Agreement Application | Internal Revenue Service
irs.gov
The IRS Online Payment Agreement system lets you apply and receive approval for a payment plan to pay off your balance over time.
*** Worry Free Wednesday *** ![]()
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Options for taxpayers with a tax bill they can’t pay.![]()
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Don’t panic if you can’t pay your tax bill by the deadline of April 18, 2023. There are several options to help meet your obligations.![]()
If you cannot pay in full by April 18, 2023 there is online payments plans. These plans are either short- or long- term. Your can apply at IRS.gov/paymentplan.![]()
• Short-term payment plan - The payment period is 180 days or less, and the total amount owed needs to be less than 100,000 in combined tax, penalties, and interest.![]()
• Long-term payment plan – The payment period is longer than 180 days, and is paid in monthly payments, and the amount owed is less than 50,000 in combined tax, penalties and interest.![]()
Another option is an offer in compromise this lets taxpayers settle their debt for less than the full amount they owe. It may be a good option if they cant pay in full or if doing so creates a financial hardship. Please visit Offer in Compromise Pre-Qualifier Tool if you are wanting to see if you qualify.
Online Payment Agreement Application | Internal Revenue Service
irs.gov
The IRS Online Payment Agreement system lets you apply and receive approval for a payment plan to pay off your balance over time.
*** Tax Tip Tuesday *** ![]()
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Don’t fall for federal tax refund myths!![]()
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Myth: Where’s my refund? This must be wrong because it is less than I expected.![]()
If this happens the IRS will mail the taxpayer a letter to explain the adjustments made. There may be a letter from the Department of Treasury Bureau of the Fiscal Service if the refund was reduced to offset certain financial obligations.
Update for our office.....We are no longer using the Bookkeeper email address. If you have sent an email to that address in the last 3 weeks and didn't cc Wendy or I, please reach out to us, or resend it to Wendy and I.
***Worry free Wednesday*** ![]()
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Frequently asked questions about medical expenses related to nutrition, general health and wellness. ![]()
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Q - Can a dental exam and or eye exam be a medical expense that can be paid or reimbursed by an HSA, FSA, Archer MSA, or HRA?![]()
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A- Yes, the dental or eye exam proves a diagnosis if a disease or illness is present.![]()
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Q- Can a drug-related substance use, or an alcohol use program be a medical expense be paid or reimbursed by HSA, FSA, Archer MSA, or HRA?![]()
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A-Yes, the programs treat the disease.![]()
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Q- Is a weight loss program a medical expense that can be paid or reimbursed by HSA, FSA, Archer MSA, or HRA?![]()
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A-Yes, but the program needs to treat a disease diagnosed by a physician such as obesity, diabetes, hypertension, or heart disease. ![]()
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Q-Can a gym membership be a medical expense that can be paid or reimbursed by HSA, FSA, Archer MSA, or HRA?![]()
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A-yes, but only if the membership was purchased to help the function of the body. For example, if you get a prescribed plan for physical therapy to treat an injury. Or the sole purpose of treating a specific disease but must be diagnosed by a physician. This can be obesity, hypertension, and heart disease. Otherwise, the cost of a gym membership is for the general health of the individual and is not a medical expense.
*** Tax Tip Tuesday *** ![]()
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How can I find available tax credits and tax deductions?![]()
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There are a lot of tax deductions available for all filing statuses. There are the obvious ones like the child tax credit. But others are more complicated like the Income in Respect of a Decedent deduction. There is a list of available credits and deductions; this is an ever-changing list, so it would be a good idea to seek tax advice from a tax professional who can tell what credits or deductions you are eligible for.
Saw this on a fellow Accountants timeline and thought it would be appropriate to post here! 😂🤣😂 24 more days….
For any of those looking for work….this is bound to be a fun job!We are hiring for a part time laundromat attendant. The hours for this position will be 2:30pm -6pm, Monday through Friday. The main responsibilities are cleaning, assisting customers, cleaning, washing and folding laundry, cleaning, ironing, and cleaning. ![]()
The ideal candidate will enjoy talking with people, and helping them solve any challenges. A willingness to troubleshoot issues as they arise is also important. This position starts at $16 per hour.
For the sake of the Irish...and in hopes of finding a rainbow with a pot of gold today, we are closing our office at 2pm. ![]()
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If you are planning on picking up taxes today, please do so before 2. ![]()
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If you are planning on dropping off and want to talk to someone, please do so by 2. ![]()
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If you want to drop things off after 2, or over the weekend, please remember we have a big mailbox at our fence that you can put your documents in and put the flag up so we know to check it.![]()
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Happy St Patty's day! Have a wonderful fun and safe weekend!
TIME IS FLYING BY AND THE COUNTDOWN IS ON……..ONLY 30 DAYS UNTIL THE 2022 TAX FILING DATE IS HERE!![]()
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In true Leah’s Accounting Solutions fashion, we are recognizing April 15th, 2023, as the tax deadline even though the Federal deadline is April 18th, 2023.![]()
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Come by and see the new office and Drop off your Tax Documents so we can get you filed.
*** Worry Free Wednesday ***![]()
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A new law expanding the 1099-K reporting rules could be eased by Congress. ![]()
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Starting in 2023, third-party payment settlement networks (such as Venmo and PayPal) must send 1099-Ks to payees who are paid over $600 a year for goods and services. This reporting threshold is much lower than in prior years, when settlement agents had to send a 1099-K to payees who were paid more than $20,000 and who had over 200 transactions. ![]()
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It does not apply to friends-and-family payments. So if you’re receiving payments from friends or family using cash payment apps, make sure the payee correctly designates the payment on the app as a non-business-related transaction. ![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Amazing company offering employment! Spread the word!Brady 3B Construction is seeking hard-working and reliable Construction workers. Experience isn't essential, and we are willing to train a fast learner.![]()
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To be successful in this position you must be able to work as part of a team, enjoy working outdoors, and be able to perform strenuous physical tasks.![]()
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If you're interested in being part of our team, give Jonathan a call today! 208-816-6334
Taxpayers should know that an extension to file taxes is not an extension to pay.![]()
Deadline to file an extension is April 18, 2023.![]()
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If you believe you may owe taxes, payment needs to be postmarked by April 18, 2023, to avoid potential penalties and interest on the amount owed.![]()
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Can I get a free extension to file for a return?![]()
Yes, you can. Any individual can file regardless of income. You may use IRS Free File at IRS.gov/FreeFile for automatic six-month filing extension. Taxpayers can file Form 4868. ![]()
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If you need to file an extension or have questions, please contact our office and we can file for you!![]()
(208) 245-5204 or (208) 245-0930
Free File: Do your Federal Taxes for Free | Internal Revenue Service
irs.gov
IRS Free File lets you prepare and file your federal income tax online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It's safe, easy and no cost...
*** Tax Tip Tuesday ***![]()
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How much do you know about lifetime estates and gift tax exemptions? Let's learn a bit more!![]()
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The lifetime estate and gift tax exemption for 2022 deaths is $12,060,000…$24,120,000 for couples if portability is elected by filing an estate tax return after the death of the first-to-die spouse, even if Form 706 isn’t otherwise required. ![]()
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It is slated to fall back to $5 million, adjusted for inflation, after 2025. Most tax-free gifts you make now won’t trigger post-2025 estate taxes, per final regulations issued in 2019. ![]()
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But not all gifts would qualify. Under recently proposed regulations, completed gifts that are later included in the descendant’s gross estate at death would be subject to the exclusion amount in effect in the year of the donor’s death. Implicated strategies include grantor retained income trusts and transactions involving promissory notes.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
*** Tax Tip Tuesday ***![]()
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Things organizations should know about applying for tax-exempt status: ![]()
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To be tax-exempt under Section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals. ![]()
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Here are some key things to know about the application process.![]()
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o The application process on IRS.gov includes a step-by-step guide explaining how to apply for tax-exempt status.![]()
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o Form 1023-series applications for recognition of exemption must be submitted electronically online at Pay.gov. The application must be complete and include the user fee.![]()
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o Some types of organizations don't need to apply for Section 501(c)(3) status to be tax-exempt. These include churches and their integrated auxiliaries, and public charities with annual gross receipts normally no more than $5,000.![]()
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o An organization must include their EIN on the application. Every tax-exempt organization should have an EIN, even if they don't have any employees. ![]()
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o The effective date of an organization's tax-exempt status depends on their approved Form 1023. If they submit this form within 27 months after the month they legally formed, the effective date of their organization's exempt status is the legal date of its formation. If an organization doesn't submit this form within those 27 months, the effective date of its exempt status is the date it files Form 1023.![]()
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o Once the IRS determines an organization qualifies for tax-exempt status under the law, it will also be classified as a private foundation unless the organization meets the requirements to be treated as a public charity.![]()
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o A charitable organization must make certain documents available to the public. These include its approved application for recognition of exemption with all supporting documents and its last three annual information returns. ![]()
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More information:![]()
- www.irs.gov/charities-non-profits/frequently-asked-questions-about-applying-for-tax-exemption![]()
- www.irs.gov/charities-non-profits/frequently-asked-questions-about-form-1023![]()
- www.irsvideos.gov/Business/Resources/FileError-FreeForm1023-EZWebinar![]()
- www.stayexempt.irs.gov/![]()
- www.irs.gov/charities-non-profits/exempt-organization-public-disclosure-and-availability-requirem...![]()
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#IRSTaxTip: Things organizations should know about applying for tax-exempt status: go.usa.gov/xuSky![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Frequently Asked Questions About Applying for Tax Exemption | Internal Revenue Service
www.irs.gov
Information on the application process for tax-exempt organizations
For any of my peeps out there that might be interested! What a great opportunity!We are excited to share that Young Living St. Maries Lavender Farm and Distillery will be hosting their first St Maries Lavender Day on July 22, 2023! If you’re interested in being a vendor, please reach out to Cody or Sarah. Their contact information is in the image.
*** Worry Free Wednesday ***![]()
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The Treasury Department promises a vastly improved 2023 tax filing season. ![]()
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Most taxpayers will be able to reach a live person on IRS's toll-free lines. Treasury Secretary Janet Yellen says IRS is committing to an 85% level of service, up from 15% in this year's filing season, and vows that average phone wait times will be cut in half from 30 minutes to 15 minutes. 5,000 additional operators were hired for the 2023 filing season to help taxpayers with their questions. ![]()
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IRS is also working on adding callback technology to most of its phone lines.![]()
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All Taxpayer Assistance Centers will be fully staffed for in-person service. The IRS will start using scanning technology on paper-filed returns, thus reducing the wait time for paper filers to receive any refunds that they are due. And it will expand the ability of taxpayers to digitally respond to IRS notices.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
ANNOUNCMENT ………. ANNOUNCMENT ![]()
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Debbie has been promoted from Office Clerk to Bookkeeper![]()
WooHoo, Way to go Debbie!!! (I knew you could do it)![]()
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Your continued trust in Leah’s Accounting Solutions, PC and Our ![]()
Team has allowed us to grow and serve our Community in ways ![]()
Leah never could have imagined. ![]()
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Some of you may have noticed that she has a new email address ![]()
bookkeeper@leahsacct.com. Please update your contact info for ![]()
her as she is slowly migration away from the current email of ![]()
office@leahsacct.com.![]()
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Next time you’re in the office, feel free to grab one of her business cards… fresh off the press!
*** Worry Free Wednesday ***![]()
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Want to know whether fringe benefits offered to employees are taxable? ![]()
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The Internal Revenue Service has a helpful guide to fringes, a detailed manual for employers that has been updated to reflect current law. It covers all kinds of workplace perks: Achievement awards, education assistance programs, parking and transit benefits, employer-provided cell phones, and more. ![]()
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A table summarizes the withholding rules for the various categories of fringes. IRS Publication 15-B has all the details: www.irs.gov/publications/p15![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Publication 15 (2023), (Circular E), Employer's Tax Guide | Internal Revenue Service
www.irs.gov
Publication 15 - Introductory Material Future Developments What's New Reminders Electronic Filing and Payment Forms in Spanish Hiring New Employees Information Returns Federal Income Tax Withholding N...
Do you love numbers as much as we do? 🥰![]()
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Probably not! 🤣![]()
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Let us help you get through tax season smoothly! 💲![]()
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Enjoy today with those you love! 😍![]()
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Happy Valentine's Day!! 💝
Love everything this program offers to this community. Here’s another amazing upcoming event…with all the loss we have been having, I’m sure someone will benefit from this.
*** Tax Tip Tuesday ***![]()
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Filing a tax return for someone who has passed away?![]()
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Here are some tips:![]()
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*The returns should be signed by the executor or other representative and, if the descendant was married, the surviving spouse.![]()
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*If filing a paper return, write the word "deceased" and the descendant's name and date of death at the top.![]()
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*A court-appointed representative must attach a copy of the court document showing the appointment. Non-court-appointed representatives submit Form 1310 with the 1040 if seeking a refund.![]()
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*Surviving spouses do not need to file the 1310; if there is no representative, the surviving spouse would just sign his or her name and write "filing as surviving spouse" in the descendant's signature box.![]()
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*A surviving spouse can use either married filing jointly or separately as the filing status for the year of the descendant's final federal income tax return.![]()
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*And don't forget the qualifying widow or widower filing status. This lets surviving spouses with dependent children use the income tax brackets and standard deductions for joint filers for two years after the descendant's death.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Dropping off your taxes.... Remember, our office has moved downstairs. Please enter through the doors under the deck. Feel free to park up top by the old building and walk down, long the tree line, or straight in. Be mindful of people coming and going, so no blocking the driveway.
*** Worry Free Wednesday ***![]()
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Retirees: File Form 24 to protect against tax identity theft.![]()
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People who are 65 and older are more likely to be victims of tax identity theft because fraudsters know that many retirees don't make enough money to file income taxes. The fraudsters will file a fake income tax return with a retiree's personal information to try and get a refund.![]()
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Retirees can prevent tax identity theft by filing Idaho's Form 24 as soon as possible. The Grocery Credit Refund is a yearly refund of $120/person for some of the sales tax you pay on groceries. ![]()
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Our office can and will file a Form 24 for people who qualify, with no charge. Contact us for an appointment. 208-245-0930 or 208-245-5204
*** Tax Tip Tuesday ***![]()
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Don't miss this deadline coming up! ![]()
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Calendar-year partnership and S corporation returns are due March 15 unless these entities seek an extension of the deadline by filing Form 7004. ![]()
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Late return filers face a stiff fine: $210 for each month late, up to a maximum of 12 months, multiplied by the number of partners or shareholders in the firm.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
*** Tax Tip Tuesday ***![]()
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Leasing a vehicle to use in your business is more expensive tax-wise in the coming years. ![]()
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If a car that is worth more than $56,000 is first leased for business during the year, the lessee must pay income tax each year on an amount spelled out in IRS tables. ![]()
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For example, on a three-year lease for a $75,000 car with a lease term starting in 2022, the income inclusion is $24 in 2022, $51 in 2023, and $77 in 2024 (Rev. Proc. 2022-17 - www.irs.gov/pub/irs-drop/rp-22-17.pdf). ![]()
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Note that you don’t add the amounts to your income when filling out your tax return. Instead, you reduce the size of your deduction for the lease payments on the vehicle.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.
Our office will be closed this morning until about 11:00 am due to an off-site meeting. We will be back open from about 11:00 am until 5:00 pm.![]()
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If you need to drop anything off, feel free to do so in the big mailbox by the gate and sign.
*** Worry Free Wednesday ***![]()
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Here’s a reminder on the tax treatment of damage or settlement awards: ![]()
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Proceeds received for physical injuries or physical illness are tax-free. On audit, IRS agents will look at the court petition, complaint or claim that was filed, showing the original grounds for the lawsuit. They’ll review the settlement agreement to see how the document characterizes the amounts paid and received by the parties. ![]()
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Damages received for emotional distress are taxable…with two exceptions. Amounts paid for mental anguish that arises from physical injuries are tax-free. The same goes for reimbursements for medical treatment of emotional trauma.![]()
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If you have any questions or would like more information, call our office at 208-245-5204 or 208-245-0930, or message us on Facebook.