The OBBBA was signed into law on July 4, 2025, that implemented numerous changes to the United States tax code which could affect how individuals manage their taxes and finances. One of the key factors of the OBBBA was the permanent extension of the lower tax rates that were a part of 2017 Tax Cuts...Read More
Happy 249th Independence Day! As we reflect on this past weekend’s July 4th celebrations, here are a few interesting tidbits about the birth of our nation through a financial lens that helped shape the United States. The Revolutionary War • By the end of the war, the U.S. had racked up $75 million in debt,...Read More
It’s Never Too Early! As we near the second half of the year, now is the ideal time to take a closer look at your tax situation. A few smart moves before December 31st could make a big difference when it’s time to file. Here’s what to review now to stay ahead. Review Any Life...Read More
Pearson & Co. has recently updated their phone system. You may still use the same number (804-559-4516) to call the office. The only thing that has changed is the extension you previously used to reach your preparer. You will now be asked to punch in a new three-digit extension instead of a two-digit number. Here...Read More
Scammers are always on the hunt for new ways to trick unsuspecting individuals out of their money or personal information. They are getting more and more sophisticated and the tools they use look and sound very authentic. But with a little awareness and some simple precautions, you can stay a step ahead. Here are a...Read More
Virginia’s General Assembly convened recently, passing hundreds of bills that will head to Governor Youngkin’s desk to be either approved or vetoed by March 24. Among the notable items that could affect you are the following: • A budget package that includes one-time bonuses for state employees, teachers, and other public-school employees and tax cuts...Read More
Tax season is here! Remember to get organized and prepare for filing your return. Here’s some things you need to know to make the process smooth and stress-free: ✅Gather Your Documents – Ensure you have W-2s, 1099s, receipts for deductions, and any other relevant paperwork. ✅ Know Your Deadlines – The IRS filing deadline is April 15, 2025. If...Read More
The SECURE 2.0 Act, passed as part of an omnibus spending bill in December 2022, added new exceptions to the 10% federal income tax penalty for early withdrawals from tax-advantaged retirement accounts. Withdrawals covered by these exceptions can be repaid within three years to an eligible retirement plan.Read More
The National Taxpayer Advocate Service (TAS) is an independent organization within the IRS. TAS helps taxpayers resolve problems with the IRS, makes administrative and legislative recommendations to prevent or correct the problems, and protects taxpayer rights. TAS is required to provide an Annual Report to Congress in January of each year and a follow-up Objective Report in...Read More
