Jp Carter Income Tax

Your San Diego IRS seminars updates

Call now to connect with business.

Good morning, updates from the IRS seminars in San Diego. The biggest concern for them is to get everyone to set up an online account. They want you to know that they are short-staffed with the "Big Beautiful Bill Act, which they told us that they weren't going to discuss at all. With the online account, you have access to your information 24/7/365, and you will see everything in your account, including notices, refunds, payment plans, transcripts, and a lost or misplaced PIN number. The keynote speaker explained that they no longer have staff to answer calls from the phone bank. He said to tell you that they've been down this road before, and they are going to make it work for us. There's no commissioner; the person who was in charge was reassigned to Iceland because he refused to give the orange-haired man all Americans' tax information for ICE, DOJ & the FBI. They are pleading with us to collaborate on creating an online account. I have one, and so do several of my clients. The website is www.irs/IDME. You will need a valid government-issued ID, such as a driver's license or a passport. With this, you can even attach your Social Security account to it.
There's a lot to cover on the most important things you have to know.
1. The lie about your social security not being taxable if you are 65 and older isn't true. You are required to continue paying taxes on the amount of money you receive monthly. This is a Google search for you to better understand how it affects you. There were no representatives from the Department of Social Security present. I've been an avid attendee since the program's inception. Social Security has always been there to meet and provide its presentation, giving us the latest news and updates for the upcoming year.
2. For all retirees over the age of 73, you are required to have your financial institutions start giving you the necessary minimum distribution (RMD) to avoid the high interest penalty. The good thing is that if you have more than one 401 (k), 403 (b), Etc. You can have the institution deduct the full amount from just one account as long as it equals the full amount of the distributions.
3. Starting this year, there is a new form 1099-DA, Digital Assets, Bitcoins, etc. Please note that the institution is required to provide you with this form. They are not required to provide you with the purchase price and the purchase date. You're still responsible for delivering your tax preparers. For tax year 2026, the institutions are fully responsible for providing you with this form, which contains all the necessary information for us to file your taxes.
4. Regarding Form 1099K & 1099 NEC. If you are accepting credit card payments and the amount exceeds $2000.00, the company is required to provide you with a 1099-K. If you are a private contractor, you may receive both; however, you are required to provide the preparer with all types of income you receive. They emphasized that you should maintain a separate account for your business to save time during an audit. Accurate records are a must.
5. Concerning any letters from them, a response is required within the time frame of the letter. They want you to know that you are on their radar. Depending on the nature of the letter, you may receive a visit from the authorities. An agent will come to your place of business or your home.
6. Gifts to family members. For 2025, you are allowed to give a family member $18,000.00. This can involve multiple members with different names, and neither of you is required to report it on your taxes. For 2026, it's $ 19,000.00
7. Estate tax exclusion. 2025 $13,610,000.00 2026 #13,990,000.00, thirteen million six hundred ten thousand dollars and 13 million nine hundred ninety thousand dollars. I get a lot of questions about this. You are not required to pay any taxes on an estate with a value of less than this amount. There is one person who must file a Schedule "C" with their tax return; the administrator must provide a detailed breakdown of the amount paid for duties, attorney fees, funeral expenses, and repass expenses.
Regarding Estate and Trust accounts, I highly recommend my attorney, Eon Smith, at Smith Law, [email protected]. Why do you give the recommendation, John? Eon is a professional who is cut from the same cloth as me. He always puts you first; he's astute in immigration law and criminal law, and he's well-known within the court system. A proficient business owner with practices in New York, Connecticut, and two offices in the Caribbean Islands. Eon's information is on my previous blog. His contact information is there, along with his attributes and accolades.
This is it for now . I will review my notes for any additional information from the seminars. Please look out for my next blog.

Call now to connect with business.