Arsenault and Cline, CPAs, Inc.

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Arsenault and Cline, CPAs, Inc.

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04/30/2026

The April tax filing deadline has passed. If you filed your return on time, you may be wondering what tax-related records you need to retain. The IRS’s statute of limitations for auditing a tax return is generally three years from the return’s due date or the filing date, whichever is later. So keep the documents that support your income, deductions and credits for at least three years after filing your return. Essential documents to retain include Form W-2, “Wage and Tax Statement”; series 1099 forms such as Form 1099-NEC, “Nonemployee Compensation”; Form 1098, “Mortgage Interest Statement”; and receipts from property tax payments and charitable donations. Contact us with questions.

04/29/2026

If you’re struggling to pay your tax bill, you have options. Many taxpayers qualify for online payment plans. These include short-term plans (up to 180 days) for balances of less than $100,000, and long-term installment agreements for balances of less than $50,000. Both of these balance limits include tax, penalties and interest. Other options may include an offer in compromise or a temporary collection delay. Under certain circumstances, penalty relief may be available. Acting now can make a big difference. We can help you determine the best option for your situation.

04/28/2026

The IRS recommends that taxpayers create an individual online account to securely access their tax information. This account lets you view your refund status, make payments, check your balance and more. However, the IRS also advises taxpayers to be cautious and watch for identity thieves. Create and always access your account directly through IRS.gov, and don’t share your information with unsolicited third parties. Scammers may offer account set-up “help” so they can collect your sensitive data during setup. Or they may use stolen personal information to access your account without authorization. Report any suspicious activity at https://bit.ly/4t3GVhO

04/27/2026

The IRS has issued final regulations on the tax deduction for qualified cash tips. The One Big Beautiful Bill Act created the deduction of up to $25,000 per year for 2025 through 2028. Qualified tips generally refer to cash tips received by an individual in an occupation that “customarily and regularly” received tips on or before Dec. 31, 2024. The final regs list more than 70 eligible occupations. In addition to occupations previously listed in the proposed regs, the final regs add visual artists, floral designers and gas pump attendants. The final regs also provide clarifications to the definition of a qualified cash tip. For more details: https://bit.ly/3Q1AXzu

04/26/2026

On average, Americans are receiving an 11% larger tax refund ($3,521) this year. That’s according to filing season statistics as of March 27, 2026. The IRS stats also show that the agency has paid 63 million refunds totaling $221.7 billion this tax season. U.S. Treasury Secretary Scott Bessent credits new deductions for qualified tips and overtime under the One Big Beautiful Bill Act. He says that more than 4.6 million individuals have claimed deductions for tips and 25% of filers have taken overtime-related deductions this filing season. At a recent Long Island Business Roundtable, Bessent said that nearly 20 million taxpayers have benefited from the overtime deduction.

04/25/2026

Some taxpayers are allowed to settle their debt with the IRS for less than the amount owed with an offer in compromise (OIC). However, beware of “OIC mills.” These fraudsters often promote themselves on social media or local radio and television stations, promising they can help taxpayers resolve tax debt issues quickly and inexpensively. In reality, many taxpayers aren’t eligible for an OIC. These promoters know this, but they’re likely to make false guarantees and charge their victims high fees to file paperwork anyway. To avoid these abusive practices, use the IRS’s online OIC pre-qualifier: https://bit.ly/4sUKZkl. And work only with reputable tax advisors. Contact us for help.

04/24/2026

New U.S. Postal Service rules could affect taxpayers who mail their tax returns. Postmarks may be applied when mail reaches automated processing, not necessarily when it’s dropped off in the mailbox or handed to a carrier. This might result in returns being postmarked after the actual mailing date. E-filing is the most reliable way to avoid filing delays. If you must mail your return near the filing deadline, go inside the post office to obtain proof of your mailing date. Contact us with any questions.

04/23/2026

Sports betting could get a lot more expensive! A new Bipartisan Policy Center brief (https://bit.ly/4vbsKbT ) outlines how lawmakers might increase the federal excise tax on sports betting, which has exploded in popularity since a 2018 Supreme Court ruling allowed states to legalize it. An excise tax increase from 0.25% to 5% could raise close to $100 billion in revenue over 10 years. However, there are potential risks, such as driving bettors to illegal gambling markets and undercutting state gambling revenues. The report also addresses a recent surge in participation in prediction markets and recommends that Congress clarify their income and excise tax implications.

04/22/2026

The Federal Reserve cut interest rates three times in 2025, encouraging some homeowners to refinance their mortgages. If you refinanced last year and haven’t yet filed your 2025 federal income tax return, you may be able to reduce your tax liability. In general, “points” (prepaid interest) paid to initiate a new mortgage on your primary residence are deductible. You must itemize deductions (not take the standard deduction) and meet several conditions to qualify. Note, however, that other refinancing charges, such as appraisal, title and lender fees, aren’t deductible. Contact us for help determining whether you’re eligible to take any refinancing-related deductions.

04/21/2026

After filing your 2025 tax return, consider fine-tuning your 2026 withholding. A big refund may be fun, but it indicates you withheld too much. Meanwhile, an unexpectedly high tax bill (and perhaps interest and penalties) means you withheld too little. The truth is, withholding is only an estimate. Changes in income, deductions, credits or life events can throw it off. And new tax rules — including those affecting tips, overtime and deductions — make reviewing withholding even more important. If you earn income not subject to withholding, you may also need to evaluate estimated tax payments to stay compliant and avoid or reduce interest and penalties. Contact us to discuss your situation.

Address

55 Ferncroft Road, Ste 310
Danvers, MA
01923

Telephone

+17815935400

Website

http://www.arsenaultclinecpas.cpa/

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