Newsletters

Season's Greetings from the Beverly & Bucker Team!

     We hope that everyone has a wonderful holiday season and greets this time of year in good health. As we approach the new year, our office would like to provide updates and information on upcoming changes. Please use this Newsletter and the Links available on our Website to stay up-to-date.

     As in years prior, clients who received $600 or more through cash-sharing apps like Venmo, Zelle, and PayPal will receive a Form 1099-K by mail or through the app. If you receive this form, please include it with your tax documents as we will not be able to complete your return without it. If you believe you received $600 or more through a cash-sharing app but did not receive a Form 1099-K, please contact the company. Please be prepared to explain where the funds came from and what they were used for to determine how the amount should be applied on the Tax Return.

     For our Virginia clients who are over the age of 55 and receive military retirement, you may be able to claim a subtraction for certain military benefits of up to $10,000. This means that qualifying recipients may receive up to $10,000 of military retirement pay tax-free. Qualifying benefits include military retirement income received for service in the US Armed Forces or paid to the surviving spouse of a veteran under the Survivor Benefit Plan program. If you have questions concerning this change, please contact our office or consult the Virginia Department of Taxation website.

     Now that we've covered changes in tax code, here's what you can expect in our office. As we continue to prioritize the safety of our staff and clients this cold and flu season, we encourage anyone who does not require a face-to-face appointment to use our Drop Off option. Many of our clients used this method for the first time during the pandemic and found that it was easier and much faster than waiting for an available appointment time. The Tax Return will be prepared in your absence and our staff will contact you when it has been completed. If you are dropping off your Tax Return but would still like to discuss your concerns with a Tax Preparer, a Phone Appointment option is now available! To schedule a Phone Appointment, please contact our office or select the Phone Appointment option on our website when scheduling. Due to IRS guidelines, we are not able to use online phone call platforms such as Zoom, FaceTime, Google Chats, or Signal. These third-party calling platforms do not provide the level of security required for discussing sensitive personal information. For clients who are able to Drop Off Tax Documents, we would like to make sure you are aware of our variety of Drop Off methods. 


Drop Offs:

     Tax Documents can be mailed to our office, dropped off with our staff during our office hours, or dropped off after hours via the mail slot beside our front door. We also have a contact-free, digital option available. If you would like to virtually submit your documents, please contact our office via phone or email to request a link to our secure, Document Sharing Portal. Upon request, a link will be sent to you via email. This link will be randomly generated and, for your security, should not be shared. Once you have received the link, you will be able to upload your documents to our Secure Portal, at which point our staff will be notified and will be able to view your documents to prepare your Tax Return. Please do not email sensitive documents to our office or submit them via Facebook. These are not secure options to submit sensitive information. If you have any questions concerning our Digital Drop Off method or any of our other methods for receiving documents, please let us know. When mailing documents, we request that you mail copies, not original documents. Original documents that are lost in the mail are difficult to replace so, if possible, please only mail copies.

     No matter how you Drop Off this year, please include your Name, Phone Number, Address, and a list of any changes in family structure such as Marriage, sale of a property, or changes in the number of Dependents. If you have questions concerning what documents to include when dropping off, our staff will be more than happy to assist.

Appointments:

     For our clients who necessitate a face-to-face appointment, please schedule either through our website or by phone. We ask that if you or someone in your household is experiencing Covid-related symptoms to please wear a mask during your appointment. Our front desk staff will have extras available. If you or someone in your household has tested positive for Covid-19 or RSV within four days of your appointment, please contact our office to reschedule.

Client Organizers:

     Client Organizers are available! These are helpful tools that list what documents we will require to prepare your Tax Return. Client Organizers are based off of the information you provided to our office for the prior Tax Year, so they will not include any information that has changed since we last saw you. With Client Organizers, we will include an additional checklist that outlines any changes in Tax Code for the upcoming year. If you are new to our office this year, welcome! We have blank Client Organizers available for you in our office and on our website in "Info Center." While they will not have a list of documents that you have used for prior Tax Returns, they will have a summation of documents you may need to bring in depending on your needs. If you have any questions or would like to request a Client Organizer, please contact our office.

     I would like to, once again, thank our amazing clients. Our team is excited to assist with the approaching tax season and we're looking forward to seeing everyone. We hope everyone has a great New Year and we look forward to working together in 2025!

Ryan Beverly E.A.

Beverly & Bucker Inc.

Tax Alerts
Tax Briefing(s)

The U.S. Tax Court lacks jurisdiction over a taxpayer’s appeal of a levy in a collection due process hearing when the IRS abandoned its levy because it applied the taxpayer’s later year overpayments to her earlier tax liability, eliminating the underpayment on which the levy was based. The 8-1 ruling by the Court resolves a split between the Third Circuit and the Fourth and D.C. Circuit.


The Internal Revenue Service collected more than $5.1 trillion in gross receipts in fiscal year 2024. It is the first time the agency broke the $5 trillion mark, according to the 2024 Data Book, an annual publication that reviews IRS activities for the given fiscal year.


The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures set forth in Rev. Proc. 2015-13, I.R.B. 2015- 5, 419, apply. The latest guidance updates and supersedes the current list of automatic changes found in Rev. Proc. 2024-23, I.R.B. 2024-23.


The Treasury Department and IRS have issued Notice 2025-33, extending and modifying transition relief for brokers required to report digital asset transactions using Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The notice builds upon the temporary relief previously provided in Notice 2024-56 and allows additional time for brokers to comply with reporting requirements.


The IRS failed to establish that it issued a valid notice of deficiency to an individual under Code Sec. 6212(b). Thus, the Tax Court dismissed the case due to lack of jurisdiction.


A limited partnership classified as a TEFRA partnership was not entitled to exclude its limited partners’ distributive shares from net earnings from self-employment under Code Sec. 1402(a)(13). The Tax Court found that the individuals materially participated in the partnership’s investment management business and were not acting as limited partners “as such.”


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