HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
What evidence is required for charitable donation deductions?
A charitable contribution is deductible only if verified under regulations. Keep records that substantiate the amount, date, donee, and nature of the gift in the year paid.
What is the IRS process for refund delays or payment plan setup?
Check your status using Where’s My Refund on IRS.gov or the IRS2Go app. These tools have the most current status and update daily
How do I handle tax notices from state tax agencies?
Read the entire notice to identify the tax type, period, reason, response deadline, and how to reply
Which receipt types must be saved?
Cash donations: keep a canceled check, a receipt/acknowledgment from the charity showing the charity’s name, date, and amount, or other reliable written records with that information
What data security steps are recommended for storing tax documents?
Maintain encrypted backups to external media or reputable cloud storage; keep at least one offline/offsite copy and encrypt before uploading to the cloud
Smart Year-End Depreciation & Asset Purchase Strategies for CPAs — Powered by AI Tax Tools
As the calendar turns toward year-end, CPAs face critical decisions about depreciation, capital expenditures, and timing. Mistiming a purchase or misapplying bonus depreciation can cost clients real dollars.
Using AI Assistants for Year‑End Tax Planning: Tips for Individuals and Businesses
Effective year‑end tax planning begins with understanding your current situation. The IRS emphasizes that taxpayers should organize their records throughout the year and check their tax withholding to ensure they’re neither under‑ nor over‑withholding
How do I resolve errors related to Social Security numbers?
Make sure the name and SSN on the return match the Social Security card exactly. If your name changed (for example, marriage/divorce), update the Social Security Administration (SSA) first, then file or correct your return.
How can I set up recurring estimated payments?
Enroll at EFTPS.gov, then you can schedule multiple estimated payments in advance and set a recurring cadence. Individuals can schedule payments up to 365 days ahead; businesses up to 120 days.
What options are available for paying taxes online?
IRS Direct Pay: Make one-time payments from a checking or savings account with no fees. You can schedule in advance and get instant confirmation. Works for 1040-series balances, estimates, and more