The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC).
Read MoreTo protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims.
Read MoreThe IRS, leveraging Inflation Reduction Act funding, is intensifying its compliance focus on high-income earners and large entities, employing Artificial Intelligence to detect tax evasion.
Read MoreThe IRS has extended the transition period for the new Roth catch-up contribution requirement to 2026 and confirmed that individuals aged 50 and over can still make catch-up contributions after 2023.
Read MoreA new report by Bloomberg Tax indicates that inflation-adjusted figures within the Tax Code are expected to rise by 5.4% in 2024.
Read MoreMany people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.
Read MoreBusiness travel deductions are available for certain people who travel away from their home or main place of work for business reasons.
Read MoreWealthy clients who have no immediate need for Social Security benefits at retirement often choose to delay taking them until age 70 or beyond.
Read MoreMost taxpayers qualify for an IRS payment plan (or installment agreement) and can use the Online Payment Agreement (OPA) to set it up to pay off an outstanding balance over time.
Read MoreHomeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits.
Read MoreInflation-adjusted amounts for health savings accounts (HSAs) are set to increase yet again, according to the Internal Revenue Service (IRS).
Read MoreOverall, this article provides a comprehensive overview of the different beneficiary groups and their corresponding payout rules for inherited retirement plans.
Read MoreIf taxpayers receive a Form 1099-K, they should use that information with their other tax records to determine their correct tax liability.
Read MoreTaxpayers who can’t pay their tax bill by the April 18, 2023, deadline shouldn’t panic. The IRS offers several options to help them meet their obligations.
Read MoreTaxpayers who haven’t filed yet should make sure they’re familiar with the changes to credits and deductions for tax year 2022 to help them file an accurate return by the April 18, 2023, deadline.
Read MoreYou can meet your RMD requirement by taking a withdrawal from one or more of your traditional IRAs, or SEP, SIMPLE and SARSEP IRAs.
Read MoreOnce people complete and file their tax return, many of them eagerly await any refund they may be owed. Learn facts from fiction in this post.
Read MoreThe Treasury Department and Internal Revenue Service today issued Notice 2023-13 to establish the Service Industry Tip Compliance Agreement (SITCA) program.
Read MoreThe Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2023.
Read MoreWith the 2023 tax filing season in full swing, the Internal Revenue Service reminds taxpayers to gather their necessary information and visit IRS.gov for updated resources and tools to help.
Read MoreThe Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.
Read MoreThe Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.
Read MoreThe Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving.
Read MoreSECURE 2.0 covers numerous changes to retirement provisions designed to increase retirement savings, facilitate access to retirement savings, encourage employees to save for retirement, and more.
Read MoreAs the year draws to a close, here are some year-end strategies that might help your business's taxable income for 2022.
Read MoreIn the current Congress, there will be considerable pressure to take some action. A new budget for the 2023 fiscal year has not yet been approved, along with the related spending bill.
Read MoreThe Internal Revenue Service today reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year.
Read MoreThe Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify.
Read MoreThe Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
Read MoreThe Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.
Read MoreThe IRS announces 2022-2023 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home.
Read MoreIn an effort to encourage electric vehicle production and mass adoption, the Inflation Reduction Act was recently signed.
Read MoreThe Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct. 1, 2022.
Read MoreA broad range of tax and information returns for 2019 and 2020 tax years will receive automatic relief from failure-to-file penalties, under Notice 2022-36 released by the IRS Wednesday.
Read MoreSeptember is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places everyone needs a solid strategy.
Read MoreThe Employee Retention Credit (ERC) is a powerful federal incentive meant to offset issues for business owners but there is some uncertainty in many communities about how the credit works.
Read MoreWhen your dependent enters the workforce for the first time, you may find yourself wondering how their employment status affects your tax situation.
Read MoreCompiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime.
Read MoreBusiness travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast.
Read MoreFrom collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit.
Read MoreThe Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022.
Read MoreThe Internal Revenue Service made an important enhancement to the “Where’s My Refund?” online tool this week, introducing a new feature for taxpayers.
Read MoreThe IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return.
Read MoreThe IRS issued a revised set of frequently asked questions for the 2021 Child Tax Credit on May 20, 2022.
Read MoreIn the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points, and the overpayment rate is the federal short-term rate plus two percentage points.
Read MoreInflation may have you worried about your retirement. In April, the consumer price index, which measures the prices of goods and services, notched an 8.3% increase from the year-earlier period.
Read MoreA lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.
Read MoreThe Treasury Department released its “Greenbook” Monday detailing the tax proposals in the Biden administration’s budget, including plans to raise the corporate tax rate to 28%.
Read MoreAll taxpayers filing Form 1040, Form 1040-SR or Form 1040-NR must check one box answering either “Yes” or “No” to the virtual currency question. The question must be answered by all taxpayers.
Read MoreThe US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months.
Read MoreThe Internal Revenue Service today announced a special new page on IRS.gov to provide the latest details and information affecting the 2022 filing season.
Read MoreThe Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.
Read MoreThe IRS reminds taxpayers receiving Social Security benefits that they may have to pay federal income tax on a portion of those benefits.
Read MoreAs part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters.
Read MoreUnderstanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The IRS offers several resources to help gig economy taxpayers properly fulfill their tax responsibilities
Read MoreThe National Taxpayer Advocate, Erin Collins expressed her deep concerns about the upcoming tax filing season in a recent report to Congress.
Read MoreThe Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.
Read MoreIncome ranges for eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the Saver’s Credit will all increase for 2021.
Read MoreThe IRS and the Treasury Department have issued guidance for the tax treatment of expenses when a loan from the SBA's Paycheck Protection Program is not forgiven by year's end.
Read MoreHere is a recap of the Employee Retention Credit under the CARES Act and the higher-impact modifications under the latest COVID-19 Relief Package.
Read MoreA new federal form from the Internal Revenue Service aims to help the self-employed claim sick and family leave tax credits under the Families First Coronavirus Response Act.
Read MoreThe Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.
Read MoreThe American Rescue Plan (ARP) Act provides a wide array of tax-related benefits for individuals.
Read MoreSmall businesses that received a COVID-19 Economic Injury Disaster Loan (EIDL) won’t have to start making payments on the loan until 2022.
Read MoreThe Internal Revenue Service is increasing the inflation-adjusted amounts of the Child Tax Credit and Earned Income Tax Credit for this year in accordance with the latest coronavirus relief package.
Read MorePresident Joe Biden’s administration on Wednesday unveiled a $1.8 trillion, 10-year plan to ramp up federal support for American families.
Read MorePresident Biden’s American Families Plan would provide tax credits for families and low-income workers, but eliminate a popular tax break for inheritances and raise taxes on capital gains.
Read MoreThe high inflation amounts that households and businesses have been experiencing this year are likely to lead to larger increases in tax brackets and other inflation-adjusted tax items in 2022.
Read MoreEmployers that received an advance payment of the employee retention credit (ERC) may repay or deposit the taxes without penalty under guidance issued Monday by the IRS.
Read Morethe rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year.
Read MoreThere are relatively few tax provisions in the infrastructure legislation, but more extensive changes may be coming in a fiscal year 2022 budget reconciliation bill that remains under consideration.
Read MoreThe IRS issued Rev. Proc. 2021-45 Wednesday, November 10, 2021, adjusting for inflation a wide array of amounts applicable to the 2022 tax year.
Read MoreThe maximum amount of an individual's taxable earnings in 2022 subject to Social Security tax will be $147,000, the Social Security Administration (SSA) announced Wednesday.
Read MoreIt seems like most years we say that year-end planning is especially important. Part of the reason for that is that Congress tends to enact tax law changes every year.
Read MoreThe Biden administration has proposed requiring all financial institutions to report annually to the IRS all of a consumer’s transactions if they total at least $10,000.
Read MoreFarewell to backdoor Roth conversions and goodbye to half of a massive tax break for many entrepreneurs and their original investors.
Read MoreThe Internal Revenue Service said Monday that it will begin processing and accepting 2021 tax returns on Monday, Jan. 24, and the filing deadline will be Monday, April 18.
Read MoreVictims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from Jan. 3, to file various individual and business tax returns and make tax payments, the IRS announced.
Read MoreThe Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020.
Read MoreIndividual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security for their retirement.
Read MoreThe IRS recently issued further guidance on the employee retention credit as it applies to employers who pay qualified wages after June 30, 2021, and before January 1, 2022.
Read MoreDue to low interest rates, high estate tax exemption and depressed business valuations, many small business owners are considering gifting a portion or all their equity in order to transfer future app
Read MoreThe summer season is quickly coming to an end, and for many students that means it's time to get back into the school routine. To make this transition easier on your wallet, here are some of the best.
Read MoreThe SBA hopes to simplify the process of forgiveness for millions of small businesses that survived the pandemic with loans from the Paycheck Protection Program.
Read MoreMany tax professionals are predicting that most taxpayers are going to neglect to opt out of the Advance Child Tax Credit (CTC) for many different reasons. Regardless, you may end up surprised, frustr
Read MoreAnyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.
Read MoreIn accordance with LA R.S. 47:1514(C), the Secretary of the Louisiana Department of Revenue (“Department”) is granting automatic filing and payment extensions to some taxpayers.
Read MoreVictims of Winter Storms that occurred February 11-19, 2021 now have until June 15, 2021, to file various individual and business tax returns and make tax payments.
Read MoreOn Monday, February 22, President Biden announced the following changes to SBA's coronavirus relief programs to ensure equity.
Read MoreVvictims of Hurricane Zeta (October 26, 2020) now have until March 1, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
Read MoreThe COVID-19 relief package that Congress agreed to last month provides many useful tax breaks, including claiming restaurant meals as 100% business deductions.
Read MoreSecond Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide
Read MoreThis upcoming tax season, however, Jan. 31 falls on a Sunday, pushing the due dates to the next business day, which is Monday, Feb. 1.
Read MoreThe IRS announced earlier this week that all tax forms and instructions are ready and that last-minute changes to the tax laws have been included in all the tax forms and instructions.
Read MoreSenate leadership announced a bipartisan deal on an approximately $900 billion economic relief package late Sunday afternoon that would deliver emergency aid to a faltering economy.
Read MoreThere are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season.
Read MoreFor their annual survey, Accounting Today polled a wide range of CPA and Accounting firms in early November. 170 firms were asked about everything from their plans and expectations, future tax seasons
Read MoreThe Internal Revenue Service has issued warnings to all taxpayers to beware of scams and identity theft schemes by criminals taking advantage of the approaching holiday season.
Read MoreIf you’re trying to decide how to structure your small business, you may be looking at an S corp. Usually, you’d be considering either a C corporation or an S corporation and be weighing the benefits
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