The Hobbs, Here Are Your Articles for Wednesday, September 27, 2023
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Saved Articles

  • Team Member Spotlight

    We are pleased to announce the addition of Elizabeth Krawczyk and Bailey Lewter to our Columbia office! Click the photo to read more.

    Saved on 07-15-2022 - Remove
  • Decision-Making Best Practices for Nonprofits

    Do you often find that decisions aren't made because no one is sure whose job it is to make the final call? It's a common problem at nonprofits. Click through to learn the right way to set up a decision-making structure.

    Saved on 07-15-2022 - Remove
  • Viewing Every Investment as a Cashflow Cascade

    Marc Murray, Senior Portfolio Manager of Hobbs Group Advisors invests for clients to create attractive long-term outcomes to meet or exceed client financial planning objectives. Murray has successfully employed a Cashflow Cascade within individual client investments and across managed portfolios. Click the photo to read more.

    Saved on 07-15-2022 - Remove
  • Form 990: What Are the Filing Requirements?

    Each year, most nonprofits must file IRS Form 990 — a dozen pages requiring a detailed accounting of financial operations. Click through for an introduction to the complexities of this form to make sure you stay in compliance.

    Saved on 07-15-2022 - Remove
  • IRS continues work to help taxpayers; suspends mailing of additional letter

    As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.

    Saved on 07-15-2022 - Remove
  • Hobbs Group Advisors Introduces Monthly Educational Webinar Starting June 1

    Starting June 1, Hobbs Group Advisors will provide a strictly educational, no sales and no strings attached free monthly webinar and you're invited! Every webinar will have a different focus. Click the photo to read more.

    Saved on 07-15-2022 - Remove
  • REMINDER: Your Personal Tax Return or Extension Filing is Due 4/18

    April is fast approaching. It's time to start forwarding us your documents related to last year's income, charitable contributions and other deductions. Please contact our office if you have any questions about filing your tax return or an extension.

    Saved on 07-15-2022 - Remove
  • Cracking the Nest Egg: When Accumulation Becomes Distribution

    It’s a big transition when you leave the workforce to live off your savings, requiring an attitude adjustment in both you and your financial professional. Here are the issues to consider when time, compounding, and conventional investment principles no longer work in your favor. Click the photo to read more. 

    Saved on 07-15-2022 - Remove
  • How to Challenge Property Taxes

    One thing all homeowners can agree on: Complaining about property taxes is one of their favorite pastimes. However, you may be able to actually do something about high taxes. Click through to learn how to appeal your property taxes.

    Saved on 07-15-2022 - Remove
  • The Hobbs Group, PA Celebrates Another Great Tax Season

    The Hobbs Group, PA spent an afternoon at Segra Park celebrating another great tax season! Thanks to all of our clients for making this an amazing year! Click the photo to see more.

    Saved on 07-15-2022 - Remove
  • 4 Tax Concerns for Nonprofits

    Many nonprofit organizations are exempt from a variety of taxes. But that doesn't mean nonprofits don't pay any tax or that they don't have to file a tax return. Click through for an introduction to the complex world of nonprofit taxation.

    Saved on 07-15-2022 - Remove
  • Does Your Nonprofit Need an Independent Audit?

    The Internal Revenue Service (IRS) requires some nonprofits to be audited, but not all. The IRS isn’t the only entity that may require an audit and there are other good reasons to conduct one. Click through for an introduction to nonprofit audit rules.

    Saved on 07-15-2022 - Remove
  • Tax Changes to Think About in 2022

    A lot has changed since provisions of the Tax Cuts and Jobs Act expired Dec. 31, 2021, rather than being extended. Plus, the proposed Build Back Better Act is on the horizon. Click through for some insight into the 2022 tax landscape.

    Saved on 07-15-2022 - Remove
  • IRS is in 'crisis,' facing massive backlog as new tax season starts

    The Internal Revenue Service had more than 11 million unprocessed tax returns left over from the "most challenging year" taxpayers ever experienced and will begin the upcoming filing season already behind.

    Saved on 07-16-2022 - Remove
  • How Nonprofits Should Handle Tax Form 990

    Your nonprofit has to record revenue and expenses from the year to demonstrate how finances have been used. It sounds simple but can get complicated quickly. Click through to learn how to remain compliant with IRS requirements.

    Saved on 07-16-2022 - Remove
  • Building a tax-efficient retirement income plan for clients

    After decades saving for retirement, transitioning to spending down savings can be a huge shift in mentality for retirees, and one that many may look to their CPA financial planner for assistance in planning. Additionally, one of the biggest surprises that new retirees often face is how their taxes change upon leaving the workforce. Click the photo to read more.

    Saved on 07-16-2022 - Remove
  • Series I Bonds

    Already have too much cash in the bank? Don’t need your tax refund? The US Department of the Treasury Series I Bonds current rate of 7.12% stacks up well against squirreling your money in a savings account that earns a measly average return of 0.06%. Everyone with a Social Security Number can purchase $10k each year, and you can also redeem up to $5k of your tax refund for these bonds. Click the photo to read more.

    Saved on 07-16-2022 - Remove
  • Unemployment and Tax: Back to Normal

    The federal government typically taxes unemployment compensation, but it granted a partial break for income earned in 2020. That break has expired. Click through to learn what to expect for unemployment compensation earned in 2021.

    Saved on 07-16-2022 - Remove
  • Home Office Deductions: A Refresher on the Rules

    Many people think they can take a home office deduction, but that isn't always the case. At-home workers need to pay particular attention to the complex rules. Click through to see who can take this deduction and under what circumstances.

    Saved on 07-16-2022 - Remove
  • Rental Real Estate Safe Harbor Under Section 199A

    It can be difficult to determine which expenses meet the standard for qualified business income for rental properties. The Internal Revenue Service recently issued final guidance on a limited safe harbor. Click through to ensure that you understand these complex regulations.

    Saved on 07-16-2022 - Remove
  • IRS Allows Electronic Filing of Form 1040-X

    Filing an amended return can be a nuisance, but the IRS has made it a little easier by allowing taxpayers to file Form 1040-X electronically for the first time. Click through to see how this change simplifies the process.

    Saved on 07-16-2022 - Remove
  • Three days after the 2022 tax season started, an overwhelmed IRS suspends some taxpayer notices

    The agency is trying to cut down on correspondence with taxpayers, to avoid adding to a backlog of returns. Click the photo to read more.

    Saved on 07-16-2022 - Remove
  • Payroll Tax Rates and Contribution Limits for 2022

    The payroll tax rates and contribution limits for 2022 have been released, and there are lots of changes. Click through to see exactly what is changing so you can make plans for the coming months.

    Saved on 07-16-2022 - Remove
  • Average Retirement Savings Revealed: Are You Normal?

    Many Americans worry they’re not saving enough for retirement, and rightfully so. A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor. Click the photo to read more.

    Saved on 07-16-2022 - Remove
  • A Message To Our Clients

    You may have received a letter from us as confirmation that your tax return has been accepted by the IRS. Please note the letters are simply confirmations that your return was filed. If you own money to the federal government and have already mailed your payment or scheduled a payment for draft prior to receiving this letter, no action is required. Click the photo to read more.

    Saved on 07-17-2022 - Remove
  • Welcome to The Hobbs Group, David!

    We are pleased to announce the addition of David Johnson, CPA to our Greenville office. Click the photo to read more.

    Saved on 07-16-2022 - Remove
  • We're Hiring!

    Join Our Team! We are hiring for multiple positions across various departments for our Columbia and Greenville offices. Click the photo to learn more.

    Saved on 07-17-2022 - Remove
  • Key Financial Data 2022

    Hobbs Group Advisors is happy to present our update to Key Financial Data for 2022. This two-pager (front/back) is jam packed with helpful information that will assist you with your financial planning for 2022. Fortunately, there were no major changes to the tax code for 2022. Click the photo to learn more.

    Saved on 07-17-2022 - Remove
  • Opinion: The IRS is broken. It will take a big investment to fix it.

    The Internal Revenue Service is no longer functioning properly. The agency reported a backlog of about 8 million unprocessed returns at the start of the year; it turns out the actual figure is nearly 24 million, according to data obtained by The Washington Post.

    Saved on 07-17-2022 - Remove
  • Personal Finance Scorecard

    No matter what your needs are, planning for the future is important, and we can help. It’s good to have a realistic picture of your finances, your goals and what you might be overlooking. Start now by filling out this personal finance scorecard.

     

    Saved on 07-17-2022 - Remove
  • Retirement Planning: Key Considerations

    How much is enough when it comes to saving for retirement? This is a hard question to answer, but the good news is that figuring out a reasonable amount of money to save is not impossible. Click through for some thoughts on income and retirement so that you can start planning for your golden years today! 

    Saved on 07-17-2022 - Remove
  • Tax-Free Municipal Bonds: Worth It?

    Municipal bonds are issued by states and municipalities. Their most appealing features are their tax-exempt and lower-risk status. Are they right for you? Click through to read more about the pros and cons of tax-free municipal bonds.

    Saved on 07-17-2022 - Remove
  • IRS Updates FAQ for the 2021 Recovery Rebate Credit

    If you didn't qualify for or didn't receive the full amount of the third Economic Impact Payment, you may be eligible for the 2021 Recovery Rebate Credit. Click through for an overview to see if you're entitled to the credit.

    Saved on 07-17-2022 - Remove
  • IRS Presents Filing Tips for 2022

    It's been a busy few months on the tax front, and as the filing date draws closer, the IRS is giving some filing advice. Click through for a summary to help you prepare for your financial reckoning on April 15.

    Saved on 08-06-2022 - Remove
  • Tax and Nonprofits: The Strict Requirements

    Tax requirements for nonprofits are stringent, and the penalties for violating them can be heavy. Click through to learn how to keep track of all your funding sources — and to keep your tax-exempt status.

    Saved on 07-17-2022 - Remove
  • Insurers Must Now Cover COVID-19 Tests

    The Biden-Harris administration is requiring insurers to cover the cost of over-the-counter, at-home COVID-19 tests. Click through to see how those with private health coverage can now get free tests.

    Saved on 07-17-2022 - Remove
  • What to Know About Tax Prep

    In the coming weeks, taxpayers will be getting various documents needed to prepare their annual income tax returns. Click through for some tips on organizing your papers to make the process easier as we approach April 15.

    Saved on 06-09-2022 - Remove
  • IRS Offers Guidance on ERC

    The Infrastructure Investment and Jobs Act amended the law so that the Employee Retention Credit applies only to wages paid before October 1, 2021, in most cases. Click through for new guidance on how to manage this change.

    Saved on 06-09-2022 - Remove
  • IRS to accept 2021 tax returns starting Jan. 24

    The IRS will begin accepting and processing 2021 tax returns starting Jan. 24. Click the photo to read more.

    Saved on 06-09-2022 - Remove
  • A Fresh Look at Retirement Withdrawal Rules

    Strict rules govern the timing of retirement account withdrawals. These rules may change in the near future, but meanwhile, you need to know your responsibilities. Click through for an update on IRS requirements.

    Saved on 08-06-2022 - Remove
  • The Complex Rules Behind the ERC

    The government helped businesses respond to the COVID-19 pandemic by creating the Paycheck Protection Program and the Employee Retention Credit. Click through for a look at these key programs.

    Saved on 06-09-2022 - Remove
  • Biden Issues Executive Order on Cryptocurrencies

    On March 9, 2022, President Biden signed an executive order (EO) entitled “Ensuring Responsible Development of Digital Assets.” Click through to learn more about what the executive order on cryptocurrencies means and what it says about how the government views cryptocurrencies.

    Saved on 06-09-2022 - Remove
  • How To Follow IRS Rules To Create a Nonprofit

    Are you thinking of forming a nonprofit? There are a lot of rules — both state and federal — that affect the structure and tax status. Click through for an introduction to nonprofit regulation to make sure you start on the right foot.

    Saved on 06-09-2022 - Remove
  • Conflicts of Interest in Nonprofits

    When an employee at a nonprofit has another job or relationship that might affect his or her work, that employee is said to have a conflict of interest. It's a risk every nonprofit runs. Click through to learn about the types of conflicts of interest and how to address them.

    Saved on 06-09-2022 - Remove
  • Is This Your Situation: Thinking About Landlording in Your Retirement Years?

    Investing in rental property can boost your retirement income. Click through to see how to create a landlording job for yourself.

    Saved on 08-12-2020 - Remove
  • Estate Tax Exemption Amount Goes Up for 2022

    As the estate tax exemption amount increases, fewer estates are subject to the federal tax.

    Saved on 08-17-2022 - Remove
  • 7 Ways to Help You Cut College Costs

    Parents may assume they earn too much to qualify for financial aid. However, there are a number of strategies that even wealthy families can employ to cut expenses. Here are seven steps for estimating costs and maximizing financial aid.

    Saved on 08-19-2022 - Remove
  • The Tax Implications of Independent Contractors

    Not everyone who works for you is an employee. Some may be independent contractors. This means a simpler tax situation for you, so the distinction is important. Click through for tips on figuring out what kind of workforce you have and how to handle your tax responsibilities.

    Saved on 07-24-2022 - Remove
  • Tax-avoidance schemes round out ‘Dirty Dozen’

    The IRS wrapped up its annual "Dirty Dozen" list of tax-related scams and dodges Friday with four "bogus tax-avoidance strategies" the Service advised taxpayers and their advisers to steer clear of.

    Saved on 08-22-2022 - Remove
  • 10 Tips for Maximizing Financial Aid

    College tuition is so expensive that even high-income families can get offers of financial aid. Your first step is to complete the federal forms, and then contact the school directly to further negotiate a financial aid package.

    Saved on 09-01-2022 - Remove
  • SC taxpayers to get one-time cash bump after lawmakers hash out budget deal with tax cuts

    Taxpayers in South Carolina will get some extra holiday season spending money under a budget compromise state lawmakers agreed to Friday, which provides a $1 billion rebate to state residents. 

    Saved on 09-02-2022 - Remove
  • Standard mileage rate to increase for last half of 2022

    The IRS announced on Thursday that the optional standard mileage rate is increasing by 4 cents per mile for the last six months of 2022. Effective July 1, the standard mileage rate for business travel will be 62.5 cents per mile.

    Saved on 09-03-2022 - Remove
  • Spotlight On: Ben Halligan & Cole Krantz

    Ben Halligan has been a part of our Audit Department at The Hobbs Group, PA since 2018 and recently earned his CPA designation. Hobbs Group Advisors' Operations Associate, Cole Krantz, finished 5th in The Columbia City Golf Tournament. Please join us in congratulating them on their big achievements!

    Saved on 09-04-2022 - Remove
  • Meet Our 2022 Interns

    The Hobbs Group & Hobbs Group Advisors launched an Internship Program as it continues to invest in the development of its team and future potential leaders. Click the photo to read more.

    Saved on 09-16-2022 - Remove
  • Biden proposes higher corporate tax rate, 20% billionaire minimum tax

    President Joe Biden's administration released its $6 trillion budget Monday for the federal government's 2023 fiscal year, which begins October 2022. 

    Saved on 09-17-2022 - Remove
  • College Planning: Know the Rules for Education Funding

    As college tuition continues to skyrocket, it’s becoming more important than ever to know how the various savings plans work. This handy reference outlines the latest rules on the most popular college savings programs, and how to use them to save money on your children’s education.

    Saved on 09-18-2022 - Remove
  • How to Avoid Medicare’s IRMAA Premium Surcharge

    If you’re a Medicare beneficiary with a higher-than-average income, the Social Security Administration (SSA) could tack an extra charge onto the Medicare premiums you pay each month. 

    Saved on 09-30-2022 - Remove
  • IRS Changes Guidelines for Inherited IRAs, Causing Confusion and Pushback

    Figuring out the most efficient way to navigate the tax impact of inheriting individual retirement accounts has become more complicated since the Internal Revenue Service issued proposed new rules in February.

    Saved on 10-01-2022 - Remove
  • 10 Common Medicare Questions Answered

    Medicare is more complicated than most people think. Here are ten of the most common questions that come up on Medicare. With the baby boom generation entering retirement, many pre-retirees have questions about Medicare.

    Saved on 10-02-2022 - Remove
  • How to buy vacation rental property

    While leveraging a second home to make extra cash may seem like a financial no-brainer, market fluctuations, tax rules, local law changes, and unexpected costs can produce disappointment or worse, impeding the client's financial plan. This article discusses some of the issues that arise for owners of vacation rentals.

    Saved on 10-04-2022 - Remove
  • How to Build a Retirement Health Care Budget

    The most accurate and reliable way to determine your spending needs in retirement is to sit down and make up a budget projecting costs in the areas of housing, utilities, food, transportation, leisure activities and so on.

    Saved on 10-04-2022 - Remove
The Hobbs Group, P.A.
The Hobbs Group, P.A.
1704 Laurel Street, Columbia, SC 29201
O: (803) 799-0555 F: (803) 799-4212
125 W. Stone Ave., Greenville, SC 29609
O: (864) 271-7503 F: (864) 751-5889
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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