Eric B Phillips CPA

02/25/2025

Business Owner Information reporting is back.

FinCEN Extends BOI Reporting Deadline by 30 Days
The U.S. District Court for the Eastern District of Texas ruled on Feb. 18, 2025, that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the U.S. Treasury Department recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is extending the deadline 30 calendar days from Feb. 19, 2025, for most companies.

During this 30-day period, FinCEN will assess its options to further modify deadlines while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce the burden for lower-risk entities, including many small businesses.

Updated filing deadlines can be found here.

I had really hoped this thing would be squashed! Its not super hard to comply, just ONE MORE THING!

10/20/2024

IRS Videos - Here is a nice one regarding scam awareness:

Thieves are constantly working to steal people’s identity and personal info so they can use it to fraudulently file tax returns and claim refund money that i...

07/09/2024

Chloe goes to Governor’s home!

Exciting news – Governor Shapiro and his family have invited us to join them next week at their Residence in Harrisburg for a “bocce brunch” on Thursday, July 18th from 11-I. Teams will include 4 SOPA athletes and 4 government officials. Her primary role that day will be to interact with other individuals at the event and share her Special Olympics story with them. Her secondary role will be to answer questions about bocce and help “coach” the team to do their best during the competition.

🎉

05/17/2024

Ok, so these aren't blue... still cute...

07/25/2023

Not that my clients ever experienced this... but the IRS will end unannounced Revenue Officer visits to taxpayers; major change to end confusion, enhance safety as part of larger agency transformation efforts. Seems like a good thing.

WASHINGTON – As part of a larger transformation effort, the Internal Revenue Service today announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees.

The change reverses a decades-long practice by IRS Revenue Officers, the unarmed agency employees whose duties include visiting households and businesses to help taxpayers resolve their account balances by collecting unpaid taxes and unfiled tax returns. Effective immediately, unannounced visits will end except in a few unique circumstances and will be replaced with mailed letters to schedule meetings.

07/10/2023

Real Estate Tax Relief for PA Seniors looks like it may get a raise, going from a maximum of $650 to $1,000 and raising the income cap to $45,000. Senate and Governor have yet to sign off on the budget...

12/07/2022

Pennsylvania Institute of CPAs administering the AICPA peer review program has just released their report of my trienial review: 'pass' with their warm congratulations (thats as good as it gets from that group 😉). Yay!

09/21/2022

Looks like the PPP Loan forgiveness tax free treatment is going to be a new target for scruitiny. Administered by the SBA and private banks,,, for expedient emergency response to the covid crisis providing loans was quick and forgiveness accomplished with relative ease, but perhaps too easy.

IRS advises that improperly forgiven Paycheck Protection Program loans are taxable.

WASHINGTON – The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan).

The guidance confirms that, when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in income the portion of the loan proceeds that were forgiven based upon misrepresentations or omissions. Taxpayers who inappropriately received forgiveness of their PPP loans are encouraged to take steps to come into compliance by, for example, filing amended returns that include forgiven loan proceed amounts in income.

“This action underscores the Internal Revenue Service’s commitment to ensuring that all taxpayers are paying their fair share of taxes,” said IRS Commissioner Chuck Rettig. “We want to make sure that those who are abusing such programs are held accountable, and we will be considering all available treatment and penalty streams to address the abuses.”

Many PPP loan recipients who received loan forgiveness were qualified and used the loan proceeds properly to pay eligible expenses. However, the IRS has discovered that some recipients who received loan forgiveness did not meet one or more eligibility conditions. These recipients received forgiveness of their PPP loan through misrepresentation or omission and either did not qualify to receive a PPP loan or misused the loan proceeds.

08/14/2022

One-Time Boost to Property Tax/Rent Rebate Program

Eligible senior citizens and people with disabilities will see enhanced rebates through this year’s Property Tax/Rent Rebate program thanks to a one-time infusion of additional funds in the 2022-23 state budget.

The program benefits:
- Pennsylvanians age 65 and older;
- widows and widowers age 50 and older;
- and people with disabilities age 18 and older.

The income limit is $35,000 annually for homeowners and $15,000 annually for renters, and half of Social Security income is excluded. With the one-time boost in funding, the maximum standard rebate is $1,105 for both homeowners and renters, up from the usual $650. People who already received their checks this year will not need to take any further action; the Department of Revenue will automatically send a check for the additional funds.🏠

04/19/2022

Lifestyle tax issues. All at a CPA's desk...

01/14/2022

IRS has put up some very easy to understand videos on a variety of topics. This link talks to the requirement for estimated tax payments. Others will follow, if you have the time to watch.

If you have taxable income from any payer that doesn't withhold tax for you, check to see if you need to make estimated tax payments. https://www.irs.gov/pay...

01/05/2022

Business Mileage logs - Note your ending 2021 / Beginning 2022 odometer readings for proper reporting of your mileage deduction - valuable @ $0.56 per mile.