Weekly Digest – March 3, 2023

We had some crazy weather this week here by the beach we received a dusting of snow which melted right away.  I was hoping to see a bit more as someone who doesn’t have to shovel or brave icey roads to get to work.  For me a nice tax season 15 minute break would be a cup of hot chocolate as I watch the snow fall.  So thanks for sending me your snow pictures to share…

Real winter snow fall on the north fork of Long Island
Real winter snow fall on the north fork of Long Island

In our family we love to watch, then quote movies, especially the classics.  This week the weather was crazy again – and i was hoping for a “white tax season day” . Who remembers the Phil Davis (Danny Kaye) quote from the movie White Christmas : “Vermont should be beautiful this time of the year, all that snow…”

Thank you Joanne and  Brett for this beautiful photo of your home in new Hampshire (I am so glad you have a plow on the front of your pick-up)

New Hampshire is beautiful this time of the year, all that snow...
New Hampshire is beautiful this time of the year, all that snow…

We didint get much snow, but I am so happy that I was able to get out early for another beautiful sunrise…

Low tide and cloudy at sunrise 2/24/2023
Low tide and cloudy at sunrise on Rockaway Beach

We have some stormy weather expected here this weekend, but in Rockaway we celebrate an early St. Patrick’s Day with a parade on Saturday morning and dinner with friends.  I hope you have some great plans too…


Have you ever been invited to a mid-week evening community or school related get-together and immediately started thinking of a good excuse to decline?  You are imagining having to get dressed up and then spend the evening with casual acquaintances and mingle over underwhelming hors d’oeuvres.  Last week a friend was telling me about an invitation to an event at his daughter’s school.  As we talked I reminded him that as parents new to the community it was really a great opportunity to meet and possibly make some new friends and I suggested that he and his wife might actually have a good time.  He groaned and reluctantly acknowledged that I could be right.  I didn’t get any photos but I did hear back that they had a good time, met some really nice people and the food was not bad.  We have these obligations but looking at them as an opportunity can actually set you up for having a great time (even if the food is not).


Tax Return Deadline Postponed for Those in Disaster Areas

The IRS announced that taxpayers in most of California, Alabama and Georgia will now have until Oct. 16, 2023, to file their federal individual and business tax returns and make tax payments.  The prior postponement was set for May 15th.  Details can be found here.

Consider a Direct Rollover into Your ROTH IRA

This is the time of year I meet with our individual tax clients for our tax return exit appointments.  We compare and discuss prior, current and future income expectations as a way to do some simple tax planning.  Again this year I am recommend people consider rolling a traditional IRA into a ROTH IRA.  We know that contributions into a deferred compensation plan (SIMPLE IRA, 401K, etc) or traditional IRA are great planning tools for tax free investment growth and current tax savings.  Once those funds are withdrawn they are subject to tax.  The timing of direct rolls into a ROTH IRA can be an opportunity to convert funds when your income expectations and tax rates are at a low level relative to other years.

Daniel Werfel on Track to be Our Next IRS Commissioner

On Thursday the Senate Finance Committee approved President Joe Biden’s nominee, Daniel I. Werfel as the next Internal Revenue Service commissioner. No date has been set for a full Senate vote, but with his bipartisan support and prior experience his expected to be approved. Read more in this article by AccountingToday.

NYS Homeowner Tax Rebate Credit (HTRC) May Effect Your 2022 Tax Return

The homeowner tax rebate credit was a one-year program in 2022 providing direct property tax relief to approximately 2.5 million eligible homeowners. If you qualified, you should have received a check from New York and can access your records here.  Those who itemize deductions on federal and/or state returns must adjust the amount reported for real estate taxes by this amount as well as your annual STAR credit.


Inflation Measures Surged at the Fastest Rate Since Last June

Consumer prices rose 0.6% from December to January, the fastest pace since June. Core inflation was up 4.7% compared to this time last year. Consumer spending rose 1.8% from December to January.

The US Government Takes Action Against Crypto Industry

Last month, the Securities and Exchange Commission levied fines and other penalties against crypto lending firms. The actions are seen as a move to try to regulate the industry.

Major Retailers Predict Weak Earnings This Year

Walmart and Home Depot reported strong holiday quarters but gave cautious outlooks for the year ahead. The retailers both say consumers are becoming harder to win over and are buying more necessities like groceries and lightbulbs rather than big-ticket items.

4-day Work Week Trial Seen as a Massive Success

Some states are considering legislation to offer tax breaks to companies that provide the option of a 4-day work week after an extended trial of the program saw benefits for both employees and employers.  I would love to try this after tax season…but does it ever end?

Pending Home Sale Numbers Rise Far Beyond Expectations

The pending sales index rose by 8.1% from December to January, healthily beating economists’ predictions of a 1% rise. The jump is attributed to buyers taking advantage of lower interest rates, which have increased again.


We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are here for you.

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