John F. Coggin, CPA

State tax policy: The proposal, which lowers Utah's income tax from 4.95% to 4.85%, passed through the state House on Wednesday and the state Senate on Thursday. Details via

Utah Gov. Spencer Cox Signs $193M Tax Cut Into Law Utah Gov. Spencer Cox has signed a $193 million tax cut into law.

IRS system updates: The IRS announced on Monday that it would abandon face-scan plans amid backlash from members of Congress and privacy advocates. Story via

The IRS directed 7 million Americans to sign up with ID.me face-scan service, according to congressional letter House Oversight Committee Chair Carolyn Maloney (D-N.Y.) wrote that a briefing given to Congress raised concerns about “the ongoing impact on the millions of Americans who have already turned over their biometric data to a private company.”

SMB Amazon news: Between late 2017 and 2020, these people allegedly bribed Amazon employees to leak information about the company's search and ranking algorithms. Full story via

Former Amazon employee sentenced to 10 months in prison for involvement in bribery scheme The DOJ in 2020 indicted six individuals, including two former Amazon employees, for allegedly bribing insiders to gain an upper hand on the online marketplace.

Are you a therapist or coach? What you need to know about taxes and your small business.

Counseling the Counselors: What your Therapy Business Needs to Know About Taxes Therapy and counseling are invaluable services, and counselors make such a difference in clients’ lives that it’s hard to remember that they’re also operating a business. But if you’re a therapist it’s no surprise to you. With tax time right around the corner, now’s the time for a quick ...

Midweek Wednesday Wisdom from John F. Coggin CPA PLLC

Economy: Prices at the wholesale level jumped twice the expected level in January as inflation pressures were unabated to start the year. Data via

Wholesale prices rise 1% in January, up near-record 9.7% over the past year The producer price index was expected to rise 0.5% in January, according to economists surveyed by Dow Jones.

Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don't, are "tax deductions" and "tax credits." In general, a deduction reduces taxable income, whereas a credit reduces the tax itself.

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit? Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t, are “tax deductions” and “tax credits.” Although a tax deduct...

Let's review the top 10 technology and business trends that we'll likely encounter in the coming year. List via

The Top 10 Technology and Business Trends of 2022 The impact of Covid-19 continues to be felt as several technologies are poised to pick up steam in the new year.

The IRS announced they are temporarily suspending some automated letters and notices for taxpayers to cut down on backlog. Details via

IRS Temporarily Halts These 10 Scary Taxpayer Letters Got a CP-80 Unfiled Tax Return Notice? A CP501 Balance Due Notice? You can probably disregard it.

Tax policy proposal: Should the proposal be accepted, it could reduce the price of gas by 18.4 cents per gallon, details via

Congress considers move that would lower gas prices by nearly 20 cents Should the proposal be accepted, it could reduce the price of gas by 18.4 cents per gallon

Economic news: The 7.5% surge in the cost of living in the past 12 months is the biggest since February 1982. Details via

U.S. inflation rate climbs to 7.5% after another sharp increase in consumer prices The rate of U.S. inflation climbed again in January to 7.5% and stayed at a 40-year high, suggesting upward pressure on consumer prices is unlikely to relent...

Make your Monday great with this motivation from John F. Coggin CPA PLLC

IRS: In 2021, only 11 percent of taxpayers were able to reach a customer service representative and for those who did, the average wait time was 23 minutes. Delay data via

IRS Delays Will Be “Extraordinarily High” Again, Warns The Agency’s Taxpayer Advocate Advocate says the IRS should suspend all automated collection notices until it gets current in processing original and amended tax returns and taxpayer correspondence.

Accounting controls warning: Kreuper falsified monthly and annual reports to the school administration to cover up her fraudulent conduct. Full fraud story via

Nun Who Embezzled Tuition Money from Torrance Catholic Elementary School Sentenced to One Year in Federal Prison A nun who was the principal of a Catholic elementary school in Torrance was sentenced today to 12 months and one day in federal prison for stealing more than $835,000 in school funds to pay for personal expenses, including gambling trips.

Work life balance. Viewpoint via

Consider this very simple equation to transform your productivity Author Ozan Varol notes that often, we’re operating impulsively, moving from one notification to the next, one email to the next, living our lives in a frantic blur. Here’s a better way to manage our days.

If you're looking for inspiration or a good weekend read, consider adding these recommendations to your list. Suggestions via

3 books that will change your mindset about work and success, according to a career coach If you’re looking for inspiration or a good weekend read, consider these three titles.

End of week from John F. Coggin CPA PLLC

Inflation and your finances: People who are looking for ways to counter the impact and preserve financial stability can start with these solutions.

Managing Your Finances During an Inflationary Period People who are looking for ways to counter the impact and preserve financial stability can start with these solutions.

John F. Coggin CPA PLLC - Some Friday tax knowledge for our friends and colleagues.

On February 7, 2022, the IRS announced it will transition away from requiring taxpayers to use third-party facial recognition software to authenticate their online accounts.

IRS Stops Using Facial Authentication Software for Access to Online Accounts A prior blog article posting included an article about the IRS’ plans to use ID.me facial recognition software for taxpayers and others to authenticate access to their online accounts.

By far, one of the most important lessons to be learned from Wordle is that entrepreneurs should focus on projects that are born out of love.

All the Things That Entrepreneurs Can Learn From the Overnight Success Story of Wordle Wordle became public in October 2021 and, after exploding in popularity, was eventually purchased by The New York Times for a seven-figure sum.

Personal finance: The ongoing pandemic, including its seismic effect on the U.S. economy and the way Americans live and work, has made 2021's housing market anything but typical. Housing story via

Experts predict what the 2022 housing market will bring Prices should moderate but low inventory will continue to be a problem.

California Policy: The California Legislature passed a bill Monday requiring many companies to give workers up to two weeks of paid time off if they get sick from the coronavirus. Details via

California votes to require paid sick leave for virus cases The California Legislature has approved a bill requiring workers receive up to two weeks of paid time off if they get sick from the coronavirus

Beginning with 2022 payments made to merchants, online vendors and vacation landlords through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs), must be reported to the IRS on Form 1099-K if the amount paid is $600 or more.

If You Have a Side Hustle, Be Advised: The IRS is Cracking Down For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs) to be reported on Form 1099-K. The purpose being to uncover merchants that do not report all of their incom...

Some hopeful IRS news: A push by the IRS to process backlogged tax returns, including by temporarily reassigning some employees to the effort. Details via

AICPA calls IRS staff reassignments a ‘positive step,’ reiterates relief goals The Service deploys an “inventory surge team” to tackle backlog while a coalition of tax professionals including the AICPA continues its call for specific relief measures.

Economic news: Emblematic of the current confidence in the job market's strength, St. Louis Fed President James Bullard last week said he expects the U.S. unemployment rate to fall below 3% this year. Data via

U.S. on the road to 1950s-style unemployment, but it may only be a pit stop The last time the U.S. unemployment rate fell below 3%, as one Fed official predicted it will this year, the Korean War was nearing its end and a recession was around the corner.

A little inspiration from John F. Coggin CPA PLLC. Wednesday Wisdom

Crypto tax haven: You don't pay any capital gains tax or anything else in Portugal on cryptocurrency. Insight via

The 'Bitcoin Family' emigrates to Portugal for its 0% tax on cryptocurrencies After spending the last five years traveling to more than 40 countries, the family that cashed everything out for crypto is setting down roots in Portugal.

There are several changes to the earned income tax credit for 2021 that will allow significantly more individuals to qualify for the credit. The IRS estimates that one in five that are eligible for credit fail to claim it simply because they don't understand the criteria.

Important Enhancements to the Earned Income Tax Credit For 2021 The earned income tax credit (EITC) is regarded as one of the government’s largest antipoverty programs and helps millions of American families every year. You are urged to check to see if you qualify for this very beneficial refundable credit. Significant enhancements have been added (some only f...

Breaking: The IRS will no longer require taxpayers to use third-party facial recognition software to authenticate their online accounts, the agency announced Monday. Story via

IRS will no longer use controversial facial recognition software to verify online accounts The IRS was previously partnering with third-party software provider ID.me to verify online accounts. Amid alarm, the agency is no longer doing so.