Abstract: For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences. This article discusses IRS regulations that ...
Category Archive: Tax
Abstract: Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an ...
On September 14th the IRS announced an immediate moratorium through the end of the year on the processing of new Employee Retention Credit (ERC) Claims. This action was taken in response to growing concerns inside the ...
The IRS has identified Employee Retention Credit Scams as the number one worst tax scam on its 2023 Dirty Dozen List. Third parties, commonly known as “ERC Mills” have been aggressively promoting and promising large ...
Of the many provisions within the SECURE 2.0 Act, there is one that plan sponsors may want to pay particular attention to: the option to allow employees to elect to treat employer contributions as Roth ...
On December 29th, 2022, President Biden signed the SECURE Act 2.0 into law, as part of the Consolidated Appropriations Act. This broad-reaching legislation is expected to impact tax incentives as it relates to retirement plans ...
We often receive questions from clients about their 401(k) plans and recently had a client ask two thought provoking questions: “What steps should I take to monitor service providers I hire to help me administer ...
There will be a few tax changes for businesses of note for the tax year 2023 and beyond, including a huge 2017 TCJA tax benefit that will begin to phase out at the end of ...
Giving to charity can provide not only large tax deductions to help you do well financially (as long as you itemize deductions) but also the satisfaction of doing good. On top of that, it’s one ...
The Inflation Reduction Act of 2022, was signed into law by President Biden on Tuesday, August 16, 2022. The Inflation Reduction Act of 2022 (The Act) will raise revenue, reduce the deficit, make major investments ...
That is both a literal and figurative statement. The photo above, provided by the U.S. Department of the Treasury, shows the cafeteria at the IRS’ Austin facility in June. This is visual confirmation of what ...
If you’re involved with virtual currency – whether as an investor, a miner or as a merchant accepting cryptocurrency as payment – you are likely to face tax issues. On the federal income tax front, ...