Steve M. Reidenberg PA INC.

Steve M. Reidenberg PA INC. Accounting and tax services

10/20/2024

With 2 minutes left, leading by 25, it’s safe to say we win!

10/14/2024

Social Security Increasing by 2.5% for 2025

Social Security recipients should see their benefits increase by 2.5% in January under the 2025 cost of living adjustment (COLA) announced by the Social Security Administration (SSA). The SSA also increased the maximum earnings subject to the Social Security tax for 2025 to $176,100, up from $168,600 in 2024.

The SSA released a fact sheet listing the notable changes to Social Security for 2025, including increases to the disability thresholds, maximum benefits and retirement earnings test exempt amounts. The administration will notify individuals of their new benefits by mail starting in December. Individuals can also view their COLA notice on their personal my Social Security account.

10/14/2024

Guidance on Long-Term, Part-Time Employees

The Treasury Department and IRS have issued guidance on long-term, part-time employees in 403(b) retirement plans under the SECURE 2.0 Act that apply to the plans beginning in 2025. The plans are similar to 401(k) plans but are usually for employees of charities and public schools. Notice 2024-73 includes a question-and-answer section on applying nondiscrimination rules to 403(b) plans with respect to long-term, part-time employees, including rules permitting the exclusion from participation for part-time and student employees.

According to the notice, the Treasury Department and IRS plan to issue additional guidance with respect to §125 of the SECURE 2.0 Act. The notice also announces that the final regulations planned for long-term, part-time employees with 401(k) plans that were issued in November of 2023 will apply no earlier than for plan years beginning on or after Jan. 1, 2026.

10/14/2024

NATP Reacts to Intuit's Ad Campaign

Recently, Intuit launched an advertising campaign encouraging taxpayers to "break up" with their tax preparer in favor of their TurboTax full-service option. As an organization dedicated to supporting and advocating for tax professionals, NATP is deeply disappointed by this message, which we believe undermines tax preparers' essential role in serving clients.

In response, NATP has decided to suspend accepting advertising, sponsorship, and exhibiting dollars from Intuit. NATP's CEO, Scott Artman, has communicated our concerns and position directly to Intuit's senior leadership. While we respect that tax professionals will continue to choose the tools they use, NATP cannot endorse or support messaging that conflicts with our values and directly targets our members.

We remain hopeful that Intuit will recognize that a strong tax professional community—comprising knowledgeable and dedicated individuals who provide invaluable guidance—is a critical component of a well-functioning tax system. Tax professionals are essential in helping their clients navigate the complexities of tax law, ensure compliance, and plan for their financial future. Thank you for your continued support as we stand united in advocating for the tax profession and the important work that you do.

10/09/2024

I think I already know my two … but this is a real problem … 22 Vets a day surrender to their demons. May I please get 2 friends or family members (out of all my friends on my page) to copy & re-post? Someone’s life may depend on it.
call: 988
Just two. Any two. Say Done.

10/01/2024

As we come upon Rosh Hashana and Yom Kippur, it's a time to reflect on the past year and look forward to the coming year 5785. We cannot forget the hostages that are still missing 360 days ago in a savage act of violence by Hamas, that has once again put lives of many innocent people in danger, on both sides of the border. We should pray for those people still missing as well as those recovering from their injuries. We would like to wish all of our family and friends a happy and healthy new year. May you be inscribed in the book of life for another year. To any one who I may have offended in the past year, I ask for your forgiveness.
L'SHANA TOVA

08/30/2024

IRS Backlog of Deceased Taxpayer Refunds

The IRS has acknowledged that it had a significant backlog of unprocessed tax forms and refunds claimed on behalf of deceased taxpayers but has taken steps to resolve the issue. National Taxpayer Advocate Erin Collins said in her blog that the backlog was the result of paper Forms 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer, received for 2022 and 2023 not being properly processed by the IRS. The IRS has prioritized its processing of Forms 1310 and only had about 1,100 unprocessed returns at the beginning of August.

While the IRS has added Form 1310 to its modernized e-file platform, not all Forms 1310 are supported, and some require paper filing. Unfortunately, the Forms 1310 filed for 2022 and 2023 were not properly processed. If a Form 1310 is unprocessed, the IRS can't process the associated final return and issue a refund. Because the IRS must manually issue a refund once the Form 1310 has been processed, there were significant delays in issuing the refunds for 2022 and 2023. The IRS has identified the cause of the issue and worked to decrease the backlog of unprocessed Forms 1310 and manually issue the associated refunds.

08/13/2024

LAST NIGHT I RECEIVED THE NEWS THAT AN OLD FRIEND OF 75 YEARS PASSED AWAY. PAUL AEROW AND I GREW UP IN WEST PHILA, WENT TO WILLIAM CULLEN BRYANT ELEMENTARTY SCHOOL, SAYRE JR HIGH AND THEN NORTHEAST HIGH CLASS OF JUNE 1962 (118). WE ALSO HAD OUR BAR MITZVAHS TOGETHER AT BETH HAMEDROS HAGADAL ON FEB 8, 1958. HE WILL BE MISSED AS A FRIEND. HIS FUNERAL WILL BE GRAVESIDE AT KING DFAVID CEMETRY IN BENSALEM. ALL OF THE INFORMATION IS AVAILABLE ON GOLDSTEINS WEB SITE. OUR CONDOLENCES GO OUT TO HIS WIFE MARILYN AND HIS CHILDREN AND GRANDCHILDREN

08/10/2024

What a great game. USA wins Gold Medal

08/09/2024

Taxpayer Advocate Not Answering the Phones

The Taxpayer Advocate Service (TAS) is not consistently providing taxpayers with the opportunity to speak with a representative, according to a Treasury Inspector General for Tax Administration (TIGTA) report. TIGTA called all 76 local U.S. telephone lines listed on TAS and IRS websites and found that some lines were not in service, voicemail boxes were full, and there were inconsistent recorded scripted messaging and callback time frames. It found that only two telephone lines were answered by a TAS representative.

TIGTA concluded that taxpayers' inability to reach a TAS representative when calling their local TAS office may discourage them from seeking help with their tax issues, complying with tax laws and receiving the assistance they deserve.

08/09/2024

Multi-Factor Authentication Now Required

The IRS and its Security Summit partners are reminding tax professionals that it is now a federal requirement to use multi-factor authentication (MFA) to protect clients' sensitive information. The Federal Trade Commission's (FTC's) safeguards rules require the use of MFA by tax professionals to strengthen security. The rules require the use of at least two of the following factors by anyone accessing customer information:

Something the user knows, such as a username
Something that is sent to them, like a number texted to a cell phone
A physical safeguard, such as a fingerprint or facial scan
MFA should also be used by tax professionals to limit access to client information stored within their tax preparation software.

Have additional questions about security? Check out our on-demand webinar: Practical Cybersecurity Tips to Protect Client Data and Secure Firm Operations. This webinar is free for Premium and Professional members.

08/09/2024

Yellen: No Extensions for BOI Reporting

Treasury Secretary Janet Yellen said there will be no extensions of the Jan. 1, 2025, deadline for companies created or registered prior to 2024 to file beneficial ownership information (BOI) reports with the U.S. Financial Crimes Enforcement Network (FinCEN). “FinCEN believes that the time frame is adequate for companies in existence before this year,” Yellen said during recent testimony before the House Financial Services Committee.

While the deadline for filing BOI reports for companies that existed before 2024 has not changed, FinCEN has given more time to companies created or registered during 2024. Initially, companies that were created or registered after Jan. 1, 2024, were required to file BOI reports within 30 calendar days of receiving notice of their creation or registration from the state. However, FinCEN later decided those businesses would have 90 days to register. Beginning Jan. 1, 2025, the registration period for new companies drops back down to 30 calendar days.

Looking for more information on BOI reporting? Check out our client newsletter on BOI reporting or our on-demand webinar: Corporate Transparency Act: Reporting the BOI with FinCEN. Premium members receive this webinar for free and Professional level members can use code FREECPE at checkout to redeem a 1 or 2 CPE webinar per membership period.

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