Livia's Tax Services

11/08/2024

11/29/2023

Family and Friends got this as a gift yesterday, didn’t have a card or sender info. If it was someone here please, DM me so I can give you a proper. Thank you.  and if you want to stay anonymous thank you.l!

11/28/2023

FYI - Giving Tuesday and Charitable Donations
Millions of Americans will contribute to their favorite charities on Giving Tuesday (November 28) and throughout the holiday season. Charitable donations are often described as tax-deductible, but whether you can claim a deduction for your contribution depends on several factors.
You generally must itemize deductions on your tax return to claim a deduction for charitable donations, therefore your donation will not be deductible if you use the standard deduction. If you do itemize deductions, you may generally deduct donations of money or property to any eligible tax-exempt charity. If you are unsure whether an organization qualifies to receive tax-deductible donations, the IRS Tax-Exempt Organization Search tool (link below) can help.
Tax-Exempt Organization Search:

Search information about a tax-exempt organization’s federal tax status and filings.

11/23/2023

11/21/2023

IR-2023-221, Nov. 21, 2023 — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organi...

11/18/2023

Tax season is rapidly approaching:
Get ready now to file 2023 federal income tax returns in early 2024

IR-2023-210, Nov. 13, 2023 — With the nation’s tax season rapidly approaching, the Internal Revenue Service reminds taxpayers there are important steps they can take now to help “get ready” to file their 2023 federal tax return.

11/15/2023

FYI - Renewing ITINs
Individual Taxpayer Identification Numbers are used for taxpayers who are required for U.S. tax purposes to have a U.S. taxpayer identification number but do not qualify to get a social security number.
If you use an ITIN, you should check if it expires this year. Keeping your ITIN current helps avoid tax refund and processing delays. If you are only using your ITIN for informational returns like Forms 1099, you may not need to renew. The ITINs of taxpayers who have not used them to file a federal return at least once in the past three years will expire on December 31, 2023. ITINs with middle digits (the fourth and fifth positions) "70," "71," "72," "73," "74," "75," "76," "77," "78," "79," "80," "81," "82," "83," "84," "85," "86," "87," or "88" have expired. Additionally, ITINs with middle digits "90," "91," "92," "94," "95," "96," "97," "98," or "99," if assigned before 2013, are also expired. If it expires/expired information about how to renew your ITIN can be found at:

Information about Form W-7, Application for IRS Individual Taxpayer Identification Number (ITIN), including recent updates, related forms, and instructions on how to file. Form W-7 is used to apply for an ITIN, or to renew an existing ITIN.

11/14/2023

FYI - Tax Tips: Business
Withdrawing Employee Retention Credit Claims
Congress created the Employee Retention Credit (ERC) in 2020 to help businesses that were either closed by government order or lost substantial revenue during the Covid pandemic. Unfortunately, the program became a target for tax scammers, who aggressively push business owners who do not qualify for the ERC into filing bogus credit claims.
To protect businesses from the scams, the IRS has halted processing of new ERC claims through at least December 31. However, scammers have responded by changing their tactics, now pushing business owners into costly loans in anticipation of ERC refunds that will never come.
During the processing moratorium, taxpayers who may have been tricked into claiming the ERC without meeting the eligibility rules may be able to withdraw their claims without risk of penalty. These business owners may withdraw their applications if their ERC claim has not yet been processed, or if they received an ERC refund but have not yet cashed or deposited the check.
Instructions for the withdrawal process may be found on the IRS Withdraw My ERC webpage (link below). Special instructions apply for businesses that have been notified of an IRS audit of their ERC applications.
A trusted business tax professional can help you determine whether your business qualifies for the ERC, and either file a legitimate claim or withdraw a questionable application.
Withdraw My ERC Guide:

If you filed a claim requesting a refund for an Employee Retention Credit (ERC or ERTC) and would now like to withdraw your claim, this page will tell you whether you are eligible to withdraw and how to do so.

11/14/2023

Directory of Federal Tax Return Preparers with Credentials and Select Qualifications