July Newsletter

Advise on Financial Advisors

We regularly get calls from clients asking how to invest their money or how to better save for the future. We can offer some guidance on this matter; however, these questions are better directed towards a financial advisor. 

Financial Advisors can do a variety of different things for you. Along with helping you to plan for your retirement, they will provide guidance during turbulent financial markets, help prepare you for unexpected events like inflation or health care expenses, and help you reduce your tax liabilities.

Finding the right advisor can be challenging, but is very important. A quick internet search will help you find questions you will want to ask in order to "interview' advisors. You will want to find an advisor that understands your financial goals and is able to work with you cooperatively to achieve those goals.

Whether you are new to financial planning or you feel you need a new advisor, summertime is the perfect time to start working on you financial portfolio. Ask friends and family who they are working with, do an internet search to see advisors that work near you, or give our office a call. We would be happy to recommend advisors that we have vetted and worked with that may be the right match for you. 

IRS News

In her mid-year report to Congress, National Taxpayer Advocate Erin Collins noted that even though things are still slow, the IRS did make some headway with tax returns and customer service this year. She found that the IRS was able to reduce its backlog of paper filed returns from 13.3 million in 2022 to 2.6 million at the end of the 2023 tax season. The backlog of amended returns is equally as large. In April of this year there are still 2.4 million older returns still waiting to be processed.

For this year the numbers are still staggering. As of June 3, the number of unprocessed paper-filed original returns is 4.1million, that number includes both individual and business returns. Individual returns that have been amended are taking about seven months to process.

Unfortunately, the IRS is finding that they need to take longer processing business returns that are claiming the ERC (Employee Retention Credit). The IRS has received many fraudulent claims and they find themselves walking a fine line between paying out claims too quickly and possibly paying on those fraudulent claims, or taking the time to review claims which means that a business may receive their funds too late.

Cohn, Michael "IRS falls behind on amended returns" Accounting Today, June 21, 2023, Taxpayer Advocate: IRS falls behind on processing amended returns | Accounting Today

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Holiday Closures:

July 3 & 4

September 4

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