What’s on our mind? You can read about it in our blog. Whether it’s ideas from the industry or emerging trends, you can read about it here. And once in a while, we may throw in a movie review or some other surprise. So keep checking in. We’re glad to have you reading along.
Friday, February 21, 2025
In keeping you informed as of February 18th, the Beneficial Ownership Reporting requirements (BOI) are back in effect. March 21, 2025 is the new deadline to file an initial, updated, and/or corrected BOI report. For more information...
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Wednesday, February 5, 2025
Important RMD Information for Seniors
Read MoreHappy Half Birthday! I bet you thought celebrating half-birthdays ended when you exited elementary school. But at age 59 that all changes, and you get to celebrate a half-birthday again. Once you hit the magical age of 59½, you've...
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Tuesday, March 5, 2024
As we start the 2024 filing season today, I just wanted to take a moment to especially thank everyone in the nation’s tax professional community. The work you do to help taxpayers is a vital part of our nation’s tax system...
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Tuesday, May 31, 2022
Taxpayers can track refunds for current, and past two years on the enhanced Where's My Refund? online tool. The IRS Where's My Refund? online tool has been enhanced to allow taxpayers to check the status of their current...
Read MoreTaxpayer who are eligible to receive the advance payments of the Child Tax Credit (CTC) will be receiving a letter from the IRS in the coming days. Below you will find some added information to help explain the process. Taxpayers who...
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Monday, March 29, 2021
Happy Monday Everyone! Just a quick note to let you know that we appreciate you, your understanding, and patience this tax season! Your many acknowledgements of our blogs, and separate communications to us mean so much. We haven't...
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Thursday, March 25, 2021
Illinois Department of Revenue released guidance on the American Rescue Plan Act of 2021 retroactive provision making the first $10,200 per taxpayer of 2020 unemployment benefits non-taxable for individuals with an Adjusted Gross...
Read MoreIllinois Department of Revenue to Follow Federal Tax Year 2020 Individual Deadline On March 18 Governor Pritzker confirmed that Illinois will be adopting the May 17 individual income tax filing and payment deadline. It has further been...
Read MoreThe Internal Revenue Service announced yesterday March 17, 2021 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be...
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Sunday, February 28, 2021
In 2020 there were many identity theft cases involving unemployment insurance claims and employer fraud. Now that tax season is in full swing, you may receive a Form 1099-G showing unemployment benefits paid. If you did not receive...
Read MoreMarnell Financial understands the importance of providing you with answers regarding the possible third round of Economic Impact Payments (more commonly referred to as “Stimulus Checks”). As of today February 18, 2021,...
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Monday, February 15, 2021
Due to coronavirus relief, if you withdrew money from your retirement plan or your IRA in 2020, you are not required to pay the 10% additional tax if you are under 59 1/2. Here are a couple of options: Choose to pay the tax on your...
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Friday, January 29, 2021
Good Day, Lenders have now opened the second round of PPP loans to eligible business that have at least 25% reduction in gross receipts for any one quarter of 2020 comparable to the same quarter in 2019. This could be great news for...
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Monday, January 25, 2021
Good Afternoon Everyone & Welcome to 2020 Tax Season! We will bring you continued information this tax season via email, our social and blog pages. The IRS announced the individual 1040 tax filing season has been pushed to February 12,...
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Friday, January 22, 2021
As we mentioned in our Welcome to Tax Season letter, we have implemented ways to improve our tax preparation process. As a result of the constant tax law changes that have brought many complexities to even the standard tax return, and...
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Tuesday, May 5, 2020
It has been a few weeks since our last update; I hope and pray this memo finds you, your family, your friends, and your co-workers safe and healthy. I think during this uncertain time, it is important for us to show our appreciation to...
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Monday, April 13, 2020
Good Afternoon! The IRS has a section on the website dedicated to information on COVID-19 relief. The portal to update bank information should be available Mid-April. More information by clicking the link: https://www.irs...
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Friday, April 3, 2020
Good Morning All, Below is a very helpful link to the IRS website. In the coming weeks the Treasury Department will create a portal for people to update their bank information for direct deposit of the stimulus checks. https://www.irs...
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Thursday, April 2, 2020
In keeping you informed we have dedicated a page on our website for information on the Coronavirus and your tax return. It is located at the top of our page under the tool bar. We have been receiving large number of requests for...
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Wednesday, April 1, 2020
Good Afternoon All, We want you to know that we care about you and your family's health! We care about your work and our commitment to you! For those of you that aren't aware we have a blog page on our website, we do! Located under the...
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Thursday, March 26, 2020
Good Day All, More important information we would like to share with you on installment agreements as the IRS can modify or suspend installment agreements for people during the next few months, click this link to learn more https://www...
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Tuesday, March 24, 2020
Good Day All, We just want to continue our updates on the extended tax filing deadline and COVID-19 Tax credits. Please follow this link from the IRS to provide some guidance on this subject. https://www.irs...
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Monday, March 23, 2020
Good Day All! As each day passes, we are all trying to cope with the COVID-19 virus the best we can. This could be by working from home, self-quarantining and keeping social distance. We are doing everything we can to keep our office...
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Saturday, January 25, 2020
On December 20, 2019, President Trump signed into law the Further Consolidated Appropriations Act, 2020 (the Act). The Act contains numerous tax provisions, including (1) extension of credits and deductions that had expired in prior...
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Friday, January 24, 2020
This past week, taxpayers began receiving letters containing their IP PIN for use when filing their 2019 tax returns. An IP PIN is a six-digit number assigned to eligible taxpayers that helps prevent the misuse of their Social...
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Wednesday, January 15, 2020
Hi Everyone, With tax season underway, we want you to be alert for tax scams targeting taxpayers. New scams or new versions of same scams regarding: Social Security numbers. Natural disasters. Email Scams-- remember the IRS does not...
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Friday, January 10, 2020
Happy Tax Season Everyone! In keeping you informed; our tax mailers will arrive in your mailbox early next week, so please be on the lookout! Call our office to schedule your appointment! The updated tax season forms should be online...
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Thursday, December 5, 2019
Happy Holidays! Welcome to our Marnell Financial Blog page!! This is our first official "little hello"! We will do our best to update you with important tax tips and fun information! Until then; we wish you and yours a peaceful Holiday...
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