Silver Bridge CPAs

June; the official start to summer and National Homeowners Month! Learn more about the first-time homebuyer tax credit at the link on the Idaho State Tax Commission's page or reach out to Silver Bridge CPAs if you are buying a house for the first time! We'll walk you through the details.

It’s National Homeowners Month. Did you know there’s a tax credit for first-time homebuyers saving up? See tax.idaho.gov/taxes/income-tax/individual-income/popular-credits-and-deductions/first-time-homebuyers-deduction.

In response to surging gas prices, President Donald Trump and several lawmakers have proposed suspending the federal gas tax via a gas tax holiday. Gas tax holidays have appeal across the political aisle, but suspending the federal gas tax is a uniquely ill-suited policy for addressing rising prices.

Learn more at this opinion piece written by a Tax Foundation Senior Policy Analyst: https://tinyurl.com/ycywb7wm

What do you think?

Suspending the Gas Tax Is a Mistake In response to surging gas prices, President Trump and several lawmakers have proposed suspending the federal gas tax via a gas tax holiday. Gas tax holidays have appeal across the political aisle, but suspending the federal gas tax is a uniquely ill-suited policy for addressing rising prices.

Happy Memorial Day!! Our office is closed today to observe the holiday. We will reopen tomorrow, May 26th at 9am.

The Idaho State Tax Commission is reopening the application process for the Idaho Parental Choice Tax Credit program. The application period will be open again from May 21 at 8 a.m. MDT through August 15 at 11:59 p.m. MDT. The period might close sooner if the Tax Commission awards all the funds before then.

Get more details at these links:
https://tax.idaho.gov/pressrelease/application-period-to-reopen-for-parental-choice-tax-credit-program/
https://myschoolchoice.idaho.gov/?utm_medium=email&utm_source=govdelivery

Happy National Accounting Day!! Every May 19th, we celebrate a special group of people- the ones who turn chaos into clarity, numbers into meaning, and transactions into truth. Today recognizes the vital roles of CPAs, accountants, tax professionals, bookkeepers and more!

Are you a long-time client? Maybe you've only been with Silver Bridge CPAs for a short time. Either way, we'd love to hear from you! Please leave us a Google review at the link below. We continue to be so grateful for our clients- old and new!

https://g.page/r/CcRJVbYkRWRTEAE/review

Have you received a letter from the IRS regarding issues around direct deposit for your refund? This could be due to a multitude of reasons, but one big ones that we're seeing is because the IRS is requesting direct deposit information on all refunds or face a 6-week delay in processing refunds by paper check- since they are trying to get away from issuing paper checks. You have three options:

1) Do nothing and wait the 6 or so weeks to receive a paper check
2) Provide bank information at www.irs.gov/account or by clicking on the QR code contained in the letter
3) Call the IRS at 866-325-4066 for more information

Of course, you can always call your CPA for more information, but we're asking clients to start with these steps!

Sadly, we can never have too many reminders to watch out for scammers...also, apparently a PSA that today is International Dance Day!

Scammers will try to dance off with your personal and financial information. This International Dance Day, the is reminding you that we will never demand immediate payment over social media or text.

Look for signs of an IRS scam by visiting https://ow.ly/uHNv50YMLeo.

Getting a tax refund always feels pretty nice, but have you really considered what it means for your tax burden? Learn more at this article/video from the Tax Foundation.

https://tinyurl.com/87tetnrb

Now that it's April 16th, our office hours are back to off-season days/times; we are open Monday-Thursday, 9am-5pm. We are closed on Fridays.