Blog

IRS Still Behind – National Taxpayer Advocate Report to Congress

National Taxpayer Advocate Erin Collins released her annual report to Congress in December . While the report’s tone touts progress, there are still significant issues and delays. Among the data released: As of mid-December 2022, there was a backlog of 1 million originally filed individual returns, 1.5 million originally filed business returns, and 1.5 million…
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Managing Partner Mike Baker Appointed Chair to Allinial Global 2023 Americas Board of Directors

Dent Moses is pleased to announce that Mike Baker has been appointed to serve as Chair of Allinial Global’s 2023 America Board of Directors. Allinial Global is an award-winning association of legally independent accounting and consulting firms whose members collaborate to bring their clients best-in-class solutions. “As a member of Allinial Global, Dent Moses gains…
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Cryptocurrency – the Wild, Wild West

Even with prices falling, interest in cryptocurrency is on the rise. It is important to know the tax implications before you jump into the world of crypto. Whether you are invested in, accept or make payment with, or receive a gift of crypto it may give rise to a taxable event. The following chart is…
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Estimated Taxes and Withholding – What to Pay and When

Federal and Alabama taxes are collected on a pay-as-you-go system, either through withholding or estimated taxes. Do You Need to Pay Estimates? If your income is mainly from wages and you always have a substantial balance due at tax time, increase withholding and pass on making estimates. Otherwise consider if the following applies to you:…
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SafeSend Return FAQs

Many of you have successfully SafeSend returns e-sign feature as part of our tax return delivery process; however, we would like to take this opportunity to provide additional information and provide some extra incentive to give the program a try if you haven’t yet had the opportunity. SafeSend FAQs What are the benefits to you,…
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The IRS Raises 2023 Retirement Plan Contribution Limits

As they do each year, the IRS announced 2023 retirement plan increases as follows: 2022 2023 2023 Catch Up 401(k), 403(b) & 457 $20,500 $22,500 $7,500 Traditional or Roth IRA $6,000 $6,500 $1,000 SIMPLE IRA $14,000 $15,500 $3,500 SEP IRA $61,000 $66,000 N/A   Catch-Up Contributions Individuals aged 50 or older are allowed to make…
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IRS Announces Delay for Implementation of $600 Reporting Threshold for Third-Party Payment Platforms – Form 1099 K

On December 23, 2022, the Internal Revenue Service announced delay in implementation of the new $600 reporting threshold for third-party network’s Forms 1099-K.  As a result of this delay, third-party networks will not be required to report 2022 tax year transactions on a Form 1099-K to the IRS or the payee for the new $600 threshold amount. 

Charitable Contribution Documentation

Approximately 30% of annual charitable giving in the US occurs in December. As we enter the giving season, make sure you have the proper documentation to substantiate a gift for tax deduction purposes. For all contributions of $250 or more, you must have a contemporaneous written acknowledgment (“CWA”) from the organization.  A CWA must include…
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Individual Capital Gains Explained

At year-end, we get calls from clients asking about individual capital gains as they harvest gains and losses. This is an overview of the rules. Capital gains are grouped and taxed based on the holding period. Long-term capital gains or losses are generated by the sale of assets held over 12 months, and short-term have…
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