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Imagine getting locked out of your IRS tax account because the IRS incorrectly believes you’ve died. It’s rare, but it c...
06/15/2026

Imagine getting locked out of your IRS tax account because the IRS incorrectly believes you’ve died. It’s rare, but it can happen due to processing errors or the Social Security Administration (SSA) sending incorrect information to the IRS. If you receive IRS Notice CP01H, “Tax Return Submitted with Locked Social Security Number (SSN),” verify you entered your SSN accurately on your most recent tax return, then contact the SSA to correct its records. Next, submit a written request to unlock your IRS account and copies of the notice you received, official identification (such as a passport), and your latest tax return, re-signed. Contact us for help.

Are you 65 or older and considering a seasonal or part-time job this summer? The extra income can be rewarding, but it m...
06/14/2026

Are you 65 or older and considering a seasonal or part-time job this summer? The extra income can be rewarding, but it may also change your tax picture. Individuals age 65 or older may qualify for a higher standard deduction, which could reduce taxes on modest earnings. But if you’re receiving Social Security benefits, additional wages can make more of your benefits taxable and may push some of your income into a higher tax bracket. Social Security and Medicare (F**A) taxes still apply to most wages, even after retirement. Before saying “yes” to that extra gig, review how the added income could affect your tax situation. A little planning now can help you avoid surprises later. Call us.

Using social media platforms is a quick and easy way to glean tax-related information and advice. However, it can be dif...
06/13/2026

Using social media platforms is a quick and easy way to glean tax-related information and advice. However, it can be difficult to gauge the accuracy of the information available online. Our firm is one source of trusted information. Another is the IRS. Consider following its official social media accounts (https://bit.ly/4dVN1KP ) and subscribing to its e-News subscription service. Among other things, subscribers can opt to receive IRS Tax Tips that are written in plain language on a range of general interest tax topics. If you’re a small business owner or a self-employed individual, the IRS offers e-News for small businesses. For more information: https://bit.ly/3Q8ARWY

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide ...
06/12/2026

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide tax benefits. You may be able to deduct mortgage interest on debt used to substantially improve your home. Certain improvements can also increase your tax basis, potentially reducing taxable gain when you sell. Medically necessary modifications may qualify as deductible medical expenses, subject to limits. And if you overlooked claiming now-expired credits for qualifying energy-efficient home improvements you made in 2025, an amended return may be worth considering. Contact us to talk taxes before or after a home renovation.

In 2024 and 2025, the IRS prevented $7 billion in fraudulent tax refunds and used identity theft filters to flag about 7...
06/11/2026

In 2024 and 2025, the IRS prevented $7 billion in fraudulent tax refunds and used identity theft filters to flag about 7.5 million tax returns for additional review, according to a May 13 audit report from the Treasury Inspector General for Tax Administration (TIGTA). Advanced filters and manual reviews help identify suspicious tax filings while minimizing disruptions to legitimate returns. TIGTA recommended moving up the March 31 filing deadline for certain information returns, such as many 1099 forms and Form W-2G, “Certain Gambling Winnings.” The IRS agreed, estimating that an earlier deadline could help protect an additional $944 million in revenue for fiscal years 2025 through 2034.

College student-athletes can now be legally paid for the use of their “name, image and likeness” (NIL) without risking N...
06/10/2026

College student-athletes can now be legally paid for the use of their “name, image and likeness” (NIL) without risking NCAA eligibility. But if you support an athlete through NIL contributions, know that payments made directly to student-athletes aren’t tax-deductible. Contributions to organizations commonly called “collectives” may be deductible, but be sure to clear three key hurdles: 1) Itemize deductions on your return, 2) give only to a collective that’s a tax-exempt charity, and 3) don’t earmark payments for specific athletes or make them in exchange for substantial benefits, such as season tickets. Contact us to learn more.

Reminder for Americans living and working abroad: Your 2025 federal income tax return is due by June 15. Taxpayers whose...
06/09/2026

Reminder for Americans living and working abroad: Your 2025 federal income tax return is due by June 15. Taxpayers whose tax home and main place of business are outside of the United States and Puerto Rico generally get an automatic two-month extension to file their return. But interest is charged on any tax that wasn’t paid by April 15, 2026. All worldwide income must be reported, including wages, self‑employment income and unearned income. Need more time to file? You can request an additional extension — however, beware of penalties and interest that may accrue on unpaid 2025 taxes. Contact us for guidance.

If you need to speak to an IRS representative by phone, know that you’ll be required to verify your identity. You’ll be ...
06/09/2026

If you need to speak to an IRS representative by phone, know that you’ll be required to verify your identity. You’ll be asked for your Social Security number, birth date and filing status. Also have handy your previous year’s tax return, the tax return you’re calling about and any correspondence received from the IRS. If you’re calling for another taxpayer, you’ll need verbal or written authorization (IRS Form 8821 or Form 2848). And if the taxpayer is deceased, you’ll need a death certificate and either a court approval letter or IRS Form 56. Only provide this information if you make the call, not if someone calls you claiming to be from the IRS — that could be an identity theft scam.

The April tax filing deadline has passed. If you filed your return on time, you may be wondering what tax-related record...
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.

If you’re struggling to pay your tax bill, you have options. Many taxpayers qualify for online payment plans. These incl...
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.

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Danvers, MA
01923

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