There’s lots to talk about today, so let’s get into it…
Federal Hiring Freeze
A hiring freeze on all Federal Agencies, particularly targeting the IRS, was put into place this week. Since the Service had already put on most of its seasonal employees for this tax season, the freeze isn’t expected to have any substantial negative effects on return processing this season.
No More Remote Work
In another Presidential Order, all Federal Employees were directed to physically go back to work in their offices. The ability to work remotely was still in place from the C-19 Era. This order is being opposed by the Federal Employee Union, but that opposition isn’t expected to result in any changes to the order.
Commissioner Werfel Resignation
IRS Commissioner Danny Werfel resigned his position last Monday. Doug O’Donnel, the Deputy Commissioner, will take over until another nominee is proposed and confirmed.
BOI Reporting Still On Hold
There’s even more legal wrangling going on in the continuing saga of the Beneficial Ownership Reporting Requirement.
In a separate legal action, see Texas Top Cop Shop, Inc. V. Garland the court issued another stay. As of yesterday, FinCen is yet to issue a clarification on this newest action.
Let me leave you with this…
We’re right in the middle of another tax season, processing W-2’s and year end letters for income tax preparation. Surprisingly enough, we’re actually caught up on the work that’s been sent in.
Normally, near the end of January, we’re so behind that we can’t even see over the piles of work on our desks.
Our industry is an interesting one where a third or our clients file by the actual due date, another third will file by the extension date, and the rest are just late. I’m literally in the middle of a 2021 S Corp return as I write this column.
If you find yourself behind in either getting in 2024’s work, or even previous years, I implore you. Please send it in today. Just because it’s January doesn’t mean I can’t help you.
The sooner we get it done, the less it will cost you in penalties.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
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