Kansas 529 Retroactive Change

Retroactive tax change in Kansas enacted April 4, 2024, allows 529 college savings plan contributions made by April 15, 2024, to be deducted on 2023 tax returns. Kansas has enacted a new law that allows taxpayers to deduct contributions made to 529 college savings plans on their 2023 tax return, even if the contributions were made up until April 15, 2024.  This new rule also applies to contributions to qualified ABLE programs, and first-time home buyer savings accounts. You now [...]

By |April 9th, 2024|Tax|

ALERT!! Employee Retention Credit upcoming deadlines and issues

March 15, 2024: This date may be the expiration of the statute of limitations for 2020 income tax returns if returns were filed without extension.  Consider filing a protective claim for refund if you claimed the ERC and reduced the ERC-related wage deduction on your 2020 return (whether originally or an amended return).  This proactive step can be beneficial in cases where repayment of the ERC might be required by the government after the statute of limitations for amending the income [...]

By |March 9th, 2024|COVID-19, Tax|

Answers to Clients’ Most Taxing Education Questions and MoneyLine

The featured cover story in the March 2024 issue of Journal of Financial Planning is titled “Answers to Clients’ Most Taxing Education Questions” by Julie Welch, Randy Gardner, and Creyton Vincent. This article offers insights into tax-efficient strategies to help clients in financing education expenses across different life stages. It addresses common questions and provides practical solutions to help individuals navigate the complexities of educational funding. Journal of Financial Planning OPEN SAMPLES and Emails ( Also, on Saturday, March 9th, [...]

By |March 6th, 2024|Tax|

Important Update – New Beneficial Ownership Information Reporting is held Unconstitutional

A March 1, 2024 ruling by the Federal District Court (United States District Court Northern District of Alabama Northeastern Division) declared the Corporate Transparency Act (CTA) as unconstitutional because it cannot be justified as an exercise of Congress’ enumerated powers.  The case, National Small Bus. United v. Yellen, was initiated by the National Small Business Association, an Ohio nonprofit organization representing more than 65,000 businesses from all 50 states, along with Issac Winkles, a member of the organization who is [...]

By |March 5th, 2024|General|

Julie Welch Quoted in the March 3, 2024 The New York Times

Meara Welch Browne’s Tax Partner, Julie Welch, was quoted Sunday in The New York Times – “Business” section.  The article was titled “What You Need to Know for the 2024 Tax Season” by Tara Siegel Bernard. In the article, Julie responds to the section about the possibility of the child credit changing midseason.  If legislation is enacted, no amended return would be needed to claim any additional credit for those affected.  The IRS would handle the recalculations and issue any [...]

By |March 4th, 2024|Tax|

Implications of Proposed Bipartisan Tax Legislation – January 2024

Bipartisan tax legislation is currently under consideration, known as the Wyden-Smith Tax Deal and the Tax Relief for American Families and Workers Act of 2024.   While this is still only PROPOSED legislation, many of the provisions could be RETROACTIVE.  Introduced on January 17, 2024 and quickly approved by the House Way and Means Committee on January 19, this proposed legislation holds significant implications, particularly concerning the Employee Retention Credit (ERC), research & experimental expenses, and bonus depreciation. A particularly noteworthy [...]

By |January 25th, 2024|Uncategorized|

ERC Voluntary disclosure program requires only 80% payback available until March 22, 2024

The IRS has concerns about scams regarding employee retention credit (ERC) claims based on false and misleading public advertisements and scams targeting businesses.  In early December, the IRS sent letters to 20,000 taxpayers advising them that their ERC claims were disallowed because the business either did not exist or did not have paid employees for the period.  Subsequently, the IRS began another campaign to send an additional 20,000 letters trying to recapture erroneously claimed ERC credits. In an effort to [...]

By |January 22nd, 2024|COVID-19, Tax|

New Beneficial Ownership Information Reporting Requires Action in 2024 For Both New and Existing Companies

An estimated 32 million existing entities will need to report information about their beneficial owners - the individuals who ultimately own or control the company - to the Financial Crimes Enforcement Network (“FinCEN”) before December 31, 2024.  Most small and medium-size businesses created in or registered to do business in the United States will be subject to these rules.  Even single-member LLCs, that are disregarded for Federal income tax purposes, will need to report unless they meet an exemption. The [...]

By |December 8th, 2023|General|

Sid Kess – Accountant, Educator, Mentor, Friend

Sidney Kess peacefully passed away on September 15, 2023 at the remarkable age of 97.  He remained dedicated to his work, contributing to conferences, writing articles, and nurturing connections with people until his very last moments.  Sid’s enduring commitment served as a wellspring of inspiration to countless individuals in the accounting profession.  We will forever hold dear the cherished memories of Sid.  

By |September 19th, 2023|General|
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