Thomas Schorn
Reducing Taxes in Retirement
States vary widely in how they tax retirement income, so where you live is an essential consideration in tax planning for retirement....
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Thomas Schorn
- Aug 23
Inflation Reduction Act: What You Should Know
The Inflation Reduction Act, signed into law on August 16, 2022, includes health-care and energy-related provisions, a new corporate...
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Thomas Schorn
- Jul 10
IRS Refund Delays
I contacted the Taxpayer Advocate Service since I am receiving many calls from clients asking when they would receive their tax refunds....
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Valerie Flores
- Jul 2
NEW MILEAGE RATE effective July 1st
Beginning July 1, 2022, the IRS has increased the standard mileage rate for business use to 62.5 cents per mile. That's a 4 cent increase...
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Thomas Schorn
- Apr 30
Required Distributions: Changes You Need to Know
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 changed the rules for taking distributions from retirement...
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Thomas Schorn
- Mar 10
Watch Out for These Common Tax Scams
According to the Internal Revenue Service (IRS), tax scams tend to increase during tax season and times of crisis.1 Now that tax season...
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Thomas Schorn
- Feb 24
Florida Internship Tax Credit Program
The Florida Internship Tax Credit is now available to be claimed by taxpayers for taxable years beginning on or after January 1, 2022....
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Thomas Schorn
- Jan 27
Stimulus check update: Look for IRS 6475 – are you owed money
Be sure to keep an eye out for Letter 6475, Your Third Economic Impact Payment from the IRS. This letter will help you determine if you...
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Thomas Schorn
- Jan 25
Reasons Some Non-Filers Should File This Year
With tax time's arrival, those Americans who don't normally have to file an income tax return usually think their circumstances mean they...
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Thomas Schorn
- Jan 13
Salt Tax Limitations Work Around
For tax years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 (TCJA) limits individual itemized deductions for state and local...
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Thomas Schorn
- Nov 18, 2021
Year-End Charitable Giving
With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our...
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Thomas Schorn
- Nov 13, 2021
RMD Roundup: A Few Key Updates About Required Minimum Distributions
As we approach the end of 2021, now might be a good time to take a closer look at a few developments surrounding required minimum...
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Thomas Schorn
- Sep 18, 2021
Current Tax Draft Legislation
On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax...
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Thomas Schorn
- Sep 18, 2021
Hurricane IDA State of Emergency Tax Deadlines For Pennsylvania Residents
Taxpayers required to file returns with an original or extended due date on or after August 31, 2021, and before January 3, 2022, with an...
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Thomas Schorn
- Sep 16, 2021
New Proposal for IRS Reporting of Consumer Personal Account Transactions
The Bank Secrecy Act (BSA) requires financial institutions to report to the IRS transactions exceeding $10,000 or multiple transactions...
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Thomas Schorn
- Sep 14, 2021
Tax Proposal Commentary
I did not mean to start this blog blast like a Lemony Snicket novel, but September could prove to be a Series of Unfortunate Events,...
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Thomas Schorn
- Jul 29, 2021
Child Tax Credit 2021: Payments, eligibility, and opting out
With the IRS now sending advanced monthly payments of the 2021 Child Tax Credit (CTC) to qualified families, it’s important to know the...
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Thomas Schorn
- Jul 27, 2021
New Global Tax Accord Takes Shape
After more than four years of international negotiations taking place mainly behind the scenes, 132 countries recently agreed to a new...
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Thomas Schorn
- May 28, 2021
Cryptocurrency and the IRS
Public fascination with cryptocurrency tends to follow dramatic gains and losses in the market. Dramatic losses usually result in pundits...
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Thomas Schorn
- May 26, 2021
Monthly Payment of Refundable Child Tax Credit Start Soon
A provision of the American Rescue Plan is being readied for action, targeting nearly 90 percent of American households with children to...
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