Arledge

The IRS has once again delayed the rule change that could impact how you report business income earned through payment apps and online marketplaces such as Venmo, CashApp, Etsy and Airbnb. Stay informed and be prepared for any future updates.

IRS postpones rule change on digital payment reporting for small businesses and side hustles | CNN Business For the second year in a row, the IRS has decided to postpone implementation of a rule change that might have resulted in 44 million more 1099-K forms being sent in January to tax filers who received business income for their goods and services via payment apps and online marketplaces like Venmo, Ca...

Since its inception in 2000, Oklahoma families across all 77 counties have utilized Oklahoma 529 to support their children's education and future success. Reaching $1 billion in redemptions demonstrates the strength and flexibility of Oklahoma 529, providing students in Oklahoma with the means to achieve their educational aspirations.

Oklahoma 529 college savings plan has passed a major milestone. Here's a look at what's next Oklahoma Treasurer Todd Russ says the plan was a bipartisan success story, and he's hoping to increase participation in rural areas.

Arledge partner Nancy Hyde and Alexa Adair, Arledge assurance manager, attended the YWCA OKC 16th Annual Women Who Care Share luncheon this week. Our team actively volunteers with local nonprofits and community organizations in a variety of ways. We are proud to serve the community where we work and live, with outreach in central Oklahoma.

We’re hiring!

If public accounting is your passion, we have an excellent training program that includes managerial and leadership training. We provide on-the-job training that offers a wealth of varied experiences with a strong level of contact and interaction with clients and partners at the firm.

Whether you are just starting your career or you’re a seasoned professional, we offer opportunities to build a long-term career at Arledge. If being a part of a premier accounting team is your goal, then Arledge could be the right place for you. Learn more about the at Arledge:
https://www.arledge.cpa/careers

The Parental Choice Tax Credit application will go live at 2 p.m. today, Dec. 6.

The program provides a refundable income tax credit of $5,000-$7,500 for eligible Oklahoma Taxpayers who pay, or expect to pay, qualified expenses such as tuition and fees to an eligible private school on behalf of an eligible student that attends or plans to attend an eligible private school during that tax year.

You can learn more and access the online applications here:

Oklahoma Parental Choice Tax Credit The Oklahoma Parental Choice Tax Credit Program: Get up to $7,500 for Private School Expenses

Arledge partner David Mayfield served as Chair of the Day at today's Rotary Club of Oklahoma City luncheon.

In addition to serving on the board of the Rotary Club of Oklahoma City, David serves on the Board of Directors of the Girl Scouts of Western Oklahoma and the Oklahoma Business Ethics Consortium. The Arledge team demonstrates its commitment to serving our communities in diverse ways, with great pride.

Maximize your budget this holiday season with these seven money-saving tips from Business Insider.

7 tips to save money on your holiday shopping from a financial planner Instead of buying individual gifts for a couple, consider buying a gift for both of them that will give them a shared experience.

UPDATE: PARENTAL CHOICE TAX CREDIT APPLICATION DATE DELAYED

This morning's 8:30 a.m. deadline for Oklahoma Parental Choice Tax Credit Applications has been pushed to Dec. 6 at 2 p.m. For more information, see the Oklahoma Tax Commission press release:

Parental Choice Tax Credit Application Date Change With respect to the Oklahoma Tax Commission’s (OTC) implementation of the Parental Choice Tax Credit program, we have decided to delay the application start date from Friday, December 1 @ 8:30am to Wednesday, December 6 @ 2:00 pm. The 60-day priority period will now extend through Monday, February...

The U.S. Internal Revenue Service (IRS) gathered feedback from the cryptocurrency industry regarding its proposed tax system for digital assets. Critics argue that this proposal poses a major threat to investor privacy and decentralized crypto projects.

IRS 'Raided' by Crypto Investors as Industry Puts Up Fight Against U.S. Tax Proposal The proposal to establish a U.S. tax regime for digital assets has drawn a stunning 120,000 comments and will be the focus of an IRS hearing today.

Whether you’re working to help children, your community, the environment or the world, we can help you make the most of every dollar. That’s our mission.

We understand that in the nonprofit world, every dollar truly does count. Just a few dollars can be the difference between meeting your mission objectives or falling short. Be it ongoing accounting support and counsel, a quick review of your books, or a full-blown audit, we can help your nonprofit organization operate legally and efficiently. While tax laws are different from corporate or individual tax regulations, nonprofits also face many of the same tax problems as for-profit entities. We can help you avoid those problems, too, and stay focused on your mission.
Learn more: www.arledge.cpa

We believe in giving back to the community, and we encourage our clients to do the same. By donating on Giving Tuesday, you can join us in making a positive impact on the world around us. Let's work together to ensure that everyone has access to the resources they need to thrive.

What nonprofit are you supporting this holiday season?

With the year coming to a close, employee retention credit (ERC) remains a significant concern for business owners. Arledge partner Josh Mullins, CPA, shares the latest updates on the ERC.

Mullins: Things to know about employee retention credit As we approach the end of the year, the employee retention credit is still on the minds of many business owners as ERC promoters are still actively pursuing, through email, text, media and phone calls, the promotion of these credits.

Financial and business audits are not a bad thing. In fact, audits provide information that is beneficial when making effective short- and long-term decisions that add to your bottom line. You can’t grow or course correct if you don’t have an accurate assessment of where you are and where you’re headed. That is what our auditing services can do for you and your organization.

Visit our website to learn more: www.arledge.cpa

At Arledge, we understand the significant role that small businesses play in keeping our local economy afloat. By shopping locally, you are contributing to the local job market and ultimately helping to drive economic growth.

Learn more about the economic impact of shopping locally: https://bit.ly/3T4dey7.

9 Shopping Local Statistics: Facts & Trends on Buying Local In 2023, local shopping has become more significant than ever, with shoppers anticipated to spend a whopping $6.04 trillion in local stores.

In this season of gratitude and reflection, we want to express our appreciation for each of our clients and offer our sincere wishes for a happy and healthy Thanksgiving holiday.

Planning for retirement involves considering the potential expenses that could deplete your savings. Discover seven significant costs that may impact your savings and learn effective strategies to prepare for them.
https://yhoo.it/3sGU9ao

7 Expenses Most Likely To Drain Your Retirement Savings: How To Plan for Each One You're going to spend a good portion of your life working and saving for retirement. Once you reach that milestone, you want to feel confident that your nest egg is big enough to cover your needs in...

Investors often evaluate the potential returns of real estate and stock investing. In a recent Gallup poll, it was found that 34% of Americans view real estate as the superior long-term investment, compared to only 18% who believe stocks or mutual funds are the best strategy.

Real Estate vs. Stocks: Which Has Higher Returns? While there are trade-offs, both assets offer investment opportunities to suit different goals.

The US Internal Revenue Service has announced some significant changes for 2024 that could save you money.

Learn more about the 2024 annual gift and estate tax exemption amounts:

IRS Announces Increased Gift and Estate Tax Exemption Amounts for 2024 The US Internal Revenue Service has announced that the annual gift tax exclusion is increasing in 2024 due to inflation. The exclusion will be $18,000 per recipient for 2024—the highest exclusion amount ever.

As the year draws to a close, it's important to start thinking about your taxes. We’re sharing a few end of year tax tips to consider.

Our team of professionals is here to help you navigate the complex world of taxes. Contact us to schedule a consultation and start planning for a successful financial future.
www.arledge.cpa

In a short span of time, Oklahoma has made significant progress in improving its tax rankings. Previously in the lower half, the state now stands at 19th place nationally. Additionally, Oklahoma holds the fourth position for corporate tax rank and the 15th position for property taxes. This upward trend highlights Oklahoma's growing appeal as a preferred tax environment for both businesses and individuals.

Oklahoma Ranked Top 20 State For Business, Individual Taxes Just a few years ago, Oklahoma ranked in the bottom half of the country on their taxes and now they’ve bumped up to 19th. Oklahoma is also fourth in regards to the corporate tax rank, and 15th in property taxes.

The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased by $500 for 2023.

The IRS issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024.

Read the latest updates here: https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000

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Are you claiming the private school tax credit? Don't forget to submit your application online to the Oklahoma Tax Commission. Only one application is needed per household, covering all eligible students. Mark your calendar for Dec. 1, 2023, when the application process kicks off.
https://bit.ly/3FW8R05

Gavel to Gavel: Oklahoma’s Parental Choice Tax Credit | The Journal Record Earlier this year, the Oklahoma Legislature created the Oklahoma Parental Choice Tax Credit Program.

Discover if you're overpaying on income tax and learn how to make adjustments with the Tax Withholding Estimator. This helpful tool will guide you on whether you need to withhold more or make estimated tax payments to avoid unexpected bills during tax filing.
https://bit.ly/2PhrzGt

Tax Withholding Estimator | Internal Revenue Service Check your W-4 tax withholding with the IRS Tax Withholding Estimator. See how your withholding affects your refund, paycheck or tax due.

On this Veterans Day, we want to express our heartfelt gratitude to all the veterans who have served our country with valor. We are in awe of your bravery and selflessness and we honor the sacrifices you have made to protect our freedom and security.

Happy International Accounting Day! Today we celebrate the hard work and dedication of accounting professionals around the world.

Accounting is an essential function in every business and industry. From taxes to financial statements, accounting plays a crucial role in keeping our economy running smoothly. We are proud to be a part of this vital profession and want to thank our colleagues who make a meaningful impact on our client's financial success. Here's to another year of balancing the books and making “cents” of it all!

The Internal Revenue Service has released its highly anticipated updated tax gap estimates. These estimations measure just how much money the U.S. Treasury loses each year due to taxpayer non-compliance.

What the tax gap tells us The IRS's most recent study of how much taxpayers aren't paying suggests some important priorities going forward.

Are you feeling behind on retirement? You're not alone. Americans are facing pressure from multiple sources, leaving them unsure about when they can start enjoying their golden years.

Americans are facing a retirement 'financial vortex,' says Goldman Sachs. Not having a plan makes it worse. Financial pressure from several different fronts has most Americans feeling behind on their retirement and like they will have to delay its start.

Thanks to a crackdown on high-income individuals, the Internal Revenue Service has successfully collected $160 million in back taxes this year.

IRS has collected $160 million in back taxes by cracking down on millionaires | CNN Politics The Internal Revenue Service has collected $160 million in back taxes this year by cracking down on millionaires who haven’t paid what they owe, the agency said Friday.

As financial experts, we believe that retirement planning is crucial for everyone, regardless of age or income level. Don't put off planning for your retirement any longer. Take control of your financial future and start preparing today.

Arledge is here to help and answer your questions. Reach out to us today to discuss your retirement planning options. www.arledge.cpa

As the end of the year approaches, donating money to charitable organizations becomes increasingly important. At Arledge, we understand the benefits of charitable donations for both individuals and businesses. Consider these three reasons to donate money before the end of the year:

Arledge partners appreciated the opportunity for professional development and networking at the Aprio Firm Alliance 2023 Partner Summit in Salt Lake City, UT last week. Aprio’s global network of certified professionals provides additional resources, knowledge and support the Arledge team leverages to serve our local clients.

We loved talking with Oklahoma Christian University students at the Business Pathways Expo last week.

Learn more about careers at Arledge: www.arledge.cpa

Expertly navigating through tax codes and financial filings, Arledge is the ultimate treat this Halloween season. Why be frightened by the unknown when you can trust our team to take the fear out of finances?

Learn more about our services here: www.arledge.cpa

Arledge partner Mark Neumeister serves as the treasurer for the Rotary Club of Oklahoma City. He was delighted to recognize Ginger Wilson as the Teacher of the Month at this week’s meeting.

Our team takes pride in being active members of our communities. You can learn more about our team and how we serve our community by visiting our website: www.arledge.cpa

Are you regretting claiming Social Security too early? Don't worry, there's still a way to increase your monthly benefit. Discover the little-known rule that allows you to withdraw your application and sign up again later.

Filed for Social Security too early? Here's why all isn't lost. An early Social Security filing will generally leave you with a reduced monthly benefit for life, but you may be able to get out of that.

Every person and every business benefits from counsel and advice. Our Advisory Services team provides a practical and effective approach to helping clients interpret, adopt and implement new and existing accounting standards and reporting regulations.

We tailor our services to your unique and individual needs, becoming your back-office support and achieving positive outcomes on everything from finance and tax litigation to real estate and tax structuring. Learn more: www.arledge.cpa

The Internal Revenue Service has just released new projections on the tax gap for 2020 and 2021. The figures are staggering, indicating a substantial increase to $688 billion for tax year 2021 alone. This is a significant leap from previous estimates and highlights a trend of rising discrepancies.

IRS updates tax gap projections for 2020, 2021; projected annual gap rises to $688 billion | Internal Revenue Service IR-2023-187, Oct. 12, 2023 — The Internal Revenue Service today released new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a significant jump from previous estimates.

Arledge partner, LaDonna Sinning, CPA, shares how personalized business consulting services can make a significant difference in the success of a business.

https://bit.ly/3Q1Bbmc

Sinning: Unlocking success – the role of business consulting services Oklahoma is home to a thriving community of privately held businesses. These businesses play a crucial role in the state’s economy, offering a wide range of products and services, creating job opportunities, and contributing to the local communities. However, navigating the complex and ever-changi...

Did you receive an inheritance? Consider these tips for the best use of these funds with .
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Receiving an inheritance? Here's how experts say to handle any windfall Inheritances typically contain a mix of cash, investments and real estate, experts say. Each come with their own tax rules to be aware of.

The Internal Revenue Service and the Treasury Department have just dropped a game-changing guide for buyers looking to save big on their electric vehicle purchases.

https://bit.ly/3FjaDId

IRS allows car dealers to provide EV tax rebates upfront New guidance explains how buyers of electric vehicles can transfer their tax credits to dealers and get advance payments that lower the cost.