Viktoriya Barsukova, EA, MBA

~ $1.2 billion in unclaimed refunds for the 2022 tax year remain outstanding. In light of a recent federal court decision, the IRS is urging taxpayers and tax professionals to act promptly, as approximately $1.2 billion in unclaimed refunds for the 2022 tax year remain outstanding. The deadline to claim these refunds is April 15, 2026. Currently, more than 1.3 million individuals have not filed a 2022 federal income tax return, potentially leaving substantial refunds uncollected. These...

The Pitiful and Outdated Tax Code Business Gift Limit Question During the holiday season, I send gift baskets to colleagues, referral sources, and select customers. My purpose is to keep my name in front of these people for obvious business reasons. Can I write off the cost of the gift baskets as a business expense? Answer Yes, you may write off the gift baskets as business gifts but only up to $25 annually for each recipient.1 If the total cost of all your business gifts to one individual...

How to split an IRS refund using Form 8888 Form 8888 lets taxpayers split a federal tax refund into up to three accounts for savings, retirement contributions or other financial goals Many taxpayers look forward to receiving a tax refund each year, but not everyone realizes they can divide that refund into multiple deposits. The IRS allows taxpayers to split their federal refund into several accounts using Form 8888, Allocation of Refund. For tax professionals, understanding how this process...