Dear Clients and Friends,
We wish you a safe and Happy New Year!
During 2023, the increased funding for the IRS was often in the news. With these funds, the IRS has hired many new auditors and collections personnel. Per the IRS, these new auditors are focusing their efforts on high-income returns ($400,000 or more in income), unfiled returns, international issues, cryptocurrency transactions, pass-through entities, conservation easements, and basis reporting. As always, the best audit defense is a sound tax position, good recordkeeping, and strong professional representation.
Many of the tax cuts put into place by the Tax Cuts and Jobs Act will expire at the end of 2025. This includes the 20% qualified business income deduction for small businesses, the lower marginal tax rates, and the higher standard deduction that we have grown accustomed to. We do not know if any of these benefits will be extended. If they are not, this could result in a significant tax increase for many of our clients.
Enclosed, or attached, is our 2023 tax organizer and our annual privacy notice. Please bring your organizer to your tax appointment or send ahead electronically. If you would prefer a copy of your completed tax return in digital format, please let us know. The privacy policy is an official document we are required to provide annually. Please note that the confidentiality of your information is paramount to us. Thank you for continuing to entrust us with your tax preparation needs.
We look forward to seeing you soon!
Sincerely,
David Harmon
What’s New?
As we embark on the new year, we are pleased to share noteworthy updates at JHA. Our dedication to optimizing your experience is reflected in recent enhancements to our digital presence.
Website
Discover the improved functionality of our online space. Whether you're seeking tax resources, industry insights, or relevant information, our website now offers a more seamless and user-friendly experience.
The JHA Journal
At JHA, we believe that knowledge is key to financial success, and the JHA Journal is our way of empowering you with the insights you need. Stay updated on newly posted journals by following the accounts listed for easy access!
Social Media
In an era where connectivity is key, we invite you to follow us on Instagram and Linked-In. There, you'll be able to keep up with the community, find real-time updates, and stay current on relevant JHA news.
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