Tax Archives - Mize CPAs Inc.

Key IRS Update: New 1099-K Thresholds Set Through 2026

Dec 16, 2024
Best practices for small businesses, Tax

Significant changes to the IRS's 1099-K reporting thresholds are on the horizon, affecting anyone who uses payment apps or online marketplaces. Starting in 2024, more of your transactions could be reported to the IRS, potentially impacting your tax obligations. Find out what these updates mean for you and how to navigate the new requirements.

Keep Your Finances from Becoming a Nightmare

Oct 21, 2024
Payroll, Tax

While goblins, ghosts, and ghouls can be fun, haunting financial practices are anything but! Here are some best practices to keep your accounting from becoming a horror story. Avoid the Ghosts of Transactions Past: Reconcile Regularly Much like how ghosts…

Maximizing real estate returns with cost segregation

Aug 14, 2024
Tax

Want to make your real estate work harder for your financial goals? Explore cost segregation, a tax strategy that can accelerate depreciation deductions and increase short-term cash flow.

IRS moves forward in Employee Retention Credit processing

Jul 11, 2024
Tax

The IRS is making significant strides in processing Employee Retention Credits. Gain a deeper understanding of these recent updates and their implications for your business. Stay ahead of the curve by reading our latest article.

Two Piles Of Cash On A Table With A Calculator And Notepad

Alternative Minimum Tax basics for individuals

Jun 10, 2024
Tax

Understanding the Alternative Minimum Tax (AMT) can be complex, but it's essential for strategic tax planning. This article guides you through the process of calculating your AMT and offers useful strategies for minimizing its impact.

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Preparing for the post-TCJA era: corporate tax changes for 2026 and beyond

Jun 3, 2024
Tax

Discover what the post-TCJA era has in store for corporate tax changes in 2026 and beyond. This article clarifies the complex tax landscape and offers valuable foresight for businesses. Don't miss out on this opportunity to stay ahead of the curve and prepare your company for the future.

Photo Of A Man And Woman Planning For Retirement

2024 Update: waiver of RMDs for inherited IRA beneficiaries

May 8, 2024
Retirement planning

The IRS's latest notice suspends RMDs for some inherited IRAs in 2024, offering beneficiaries a financial breather. Find out if you qualify for this waiver and how it affects your tax obligations.

Understanding the Form 8300 e-filing requirements for cash transactions over $10,000

Apr 22, 2024
Tax

Over the past year, the IRS has taken strides to digitize paper returns and make the filing process more convenient for taxpayers. On March 14th, the IRS unveiled an electronic filing (e-filing) system for Form 8300, Report of Cash Payments Over $10,000. This…

What Impact Does the Recent Lawsuit Have on Your Beneficial Ownership Reporting?

Apr 2, 2024
Best practices for small businesses, Headlines

As you probably know, most US businesses are required to report company ownership information to the Financial Crimes Enforcement Network (FinCEN) by the end of 2024. The purpose of this “beneficial ownership” reporting (part of the Corporate Transparency Act (CTA)) is to…

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What Does It Mean When Your Tax Return is Extended?

Apr 1, 2024
Tax

Nobody wants additional scrutiny from the IRS, right? If your tax return is extended, does it wave a red flag in the IRS system? Does it make your return more likely to be selected for an audit? Not at all.…