Newsletters

Season's Greetings from the Beverly & Bucker Team!

We hope that everyone meets this season with good health. We are looking forward to what we hope will be a return to normal and are excited for the minimal changes this tax season. Our staff would like to thank our wonderful clients who have displayed empathy and kindness over the past few years while we navigated the pandemic and all of the complications that came with it. There are a few changes this year, but overall, this tax season will be significantly easier than in years past. And if additional changes are made in the coming months, we will update this Newsletter as needed.

A return to a normal tax season means no more Stimulus Forms! Thank goodness, there are no Stimulus or Advanced Child Tax Credit Forms for Tax Year 2022. Our staff greatly appreciated your patience over the past two years as we handled the inconvenience of the additional letters and we are excited to leave these forms in the past.

Aside from a few small changes to account for inflation, such as an increase in the standard deduction and a slight credit increase, the changes this year are minimal. These variations will have very little affect on returns, however, if you have any questions, please feel free to contact our office by phone or email.

One of the biggest shakeups this year is the new 1099-K filing requirement. For our clients who received $600 or more through cash-sharing apps like Venmo, Zelle, and PayPal, you 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, starting this tax season, 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 any 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, 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:

As always, 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 2023!

Ryan Beverly E.A.

Beverly & Bucker Inc.

Tax Alerts
Tax Briefing(s)

Deputy Secretary of the Treasury Wally Adeyemo was out promoting the positives of the Inflation Reduction Act in an apparent effort to counteract the messaging from Republicans who are working to abolish the law as well as to replace the IRS with a national sales tax.


The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2023 and the lease inclusion amounts for business vehicles first leased in 2023.


IRS has reminded eligible workers from low and moderate income groups to make qualifying retirement contributions and get the Saver’s Credit on their 2022 tax return. Taxpayers have until the due date for filing their 2022 return, that is April 18, 2023, to set up a new IRA or add money to an existing IRA for 2022. 


The IRS and Treasury have announced have released a list of clean vehicles that meet the requirements to claim the new clean vehicle tax credit, along with FAQs to help consumers better understand how to access the various tax incentives for the purchase of new and used electric vehicles available beginning January 1, 2023.


The Treasury Department and the Internal Revenue Service have issued guidance pertaining to the new credit for qualified commercial clean vehicles, established by the Inflation Reduction Act of 2022 ( P.L. 117-169). Notice 2023-9 establishes a safe harbor regarding the incremental cost of certain qualified commercial clean vehicles placed in service in calendar year 2023.


The IRS announced a delay in reporting thresholds for third-party settlement organizations (TSPOs). As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan Act of 2021 ( P.L. 117-2).


The IRS has notified taxpayers of the applicable reference standard required to be used to determine the amount of the energy efficient commercial building (EECB) property deduction allowed under Code Sec. 179D as amended by the Inflation Reduction Act of 2022 (IRA) ( P.L. 117-169). 


The Treasury Department and the IRS have provided guidance announcing that they intend to issue proposed regulations to address the application of the new one-percent corporate stock repurchase excise tax under Code Sec. 4501, which was added by the Inflation Reduction Act of 2022 ( P.L. 117-169).


With the transition of leadership from Democrats to Republicans in the House of Representatives comes new rules that legislators must adhere to, and they could have implications on tax policy.


Despite a significant number of challenges faced by taxpayers in 2022, National Taxpayer Advocate Erin Collins has reason to be more optimistic for 2023.

"We have begun to see the light at the end of the tunnel," Collins wrote in the 2022 annual NTA report to Congress, released on January 11, 2023. "I’m just not sure how much further we have to travel before we see sunlight."


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