Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
What you need to know In late December, the IRS announced plans to issue automatic payments to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns. The payments should be received in late January. No action is needed for eligible taxpayers to receive the credit with a maximum payment …
Continue reading IRS Proactively Issues One Million Rebate Payments!
New mileage rates announced by the IRS Tip Category: What's New Mileage rates for travel are now set for 2025. The standard business mileage rate increases by 3 cents to 70.0 cents per mile. The medical and moving mileage rates stay at 21 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile. …
The importance of personally identifiable information Tip Category: What's New Personally Identifiable Information, or (PII), is in the spotlight at the IRS, the Federal Trade Commission (FTC) and the Department of Labor (DOL), plus other federal agencies. Moving beyond the buzz and into understanding what it means for you relates directly to protecting your personal information …
IRS notices are raining down into mailboxes on April 1. It is causing lots of concern. Here is what you need to know. Tip Category:What’s New Beginning In April a number of IRS notices began hitting mailboxes. Unfortunately, the notices are coming in cold, as the IRS is turning on mailing their notices after a …
Especially important for new business startups Tip Category: What's New New Beginning in 2024, many small businesses will have to report information about their owners to the Financial Crimes Enforcement Network (commonly referred to as FinCEN), a bureau of the U.S. Department of the Treasury that collects and analyzes information to help fight financial crimes. Here …
Continue reading SMALL BUSINESS ALERT: New Federal Reporting Required
New mileage rates announced by the IRS Tip Category: What's New Mileage rates for travel are now set for 2024. The standard business mileage rate increases by 1.5 cents to 67 cents per mile. The medical and moving mileage rates are now 21 cents per mile. Charitable mileage rates remain unchanged at 14 cents per …
You will be surprised how many are impacted Tip Category: What's New In the fourth move in three years, the IRS in late November changed the reporting requirements for Form 1099-K. So why should you care? Well pay attention if you’ve ever sold anything on Amazon or eBay, have ever sold tickets to sporting events …
Continue reading Late Breaking News: New 1099-K Requirements Delayed
The IRS is eliminating most unannounced revenue officer visits. This is what that means for you. Tip Category: What's New The IRS recently announced a major policy change that it will end most unannounced revenue officer visits to taxpayers. This announcement is being picked up by all the major news outlets, but as is usually …
Continue reading IRS Ends Unannounced Revenue Officer Visits
New contribution limits are on the horizon Tip Category: What's New Contribution limits for the ever-popular health savings account (HSA) are set for 2024. And inflation adjustments break through the historic trends of 1 to 2% increase each year. Next year the amount you can save to pay for health costs with pre-tax dollars jumps …
Due date is July 17! Tip Category: What's New "Time is running out for more than a million people to get their tax refunds for 2019," said IRS Commissioner Danny Werfel. "Many people may have overlooked filing a 2019 tax return due to the pandemic. We don't want people to miss their window to receive …
Continue reading Taxpayers may forfeit more than $1.4 billion in refunds
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