Farmers and ranchers affected by drought may qualify for capital gains tax relief. The relief applies to taxpayers who were forced by drought conditions to sell certain livestock held for draft, dairy or breeding purposes. Generally, livestock sold due to drought must be replaced within a four-year replacement period. Under Notice 2022-43, the IRS is […]
Read More Capital Gain relief for FarmersIn today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible […]
Read More Work Opportunity Tax Credit provides help to employersIt’s been a busy year for natural disasters, and the IRS has once again announced regional tax relief. This time, it’s for taxpayers in Alaska affected by storms and flooding that began on Sept. 15, 2022. Individuals and businesses in the affected areas have until Feb. 15, 2023, to submit payments for quarterly estimated taxes […]
Read More Alaska reliefIf the IRS finds a taxpayer has committed fraud, the penalty is up to 75% of the unreported tax. In one case, a taxpayer was a managing member and employee of an engineering business. He didn’t report wage income he received from the company. The IRS used the “bank deposits method” to compare his bank […]
Read More Fraud penaltyNow that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers won’t itemize because of the high 2022 standard […]
Read More Year-end tax planning ideas for individualsThe IRS has announced special 2022-2023 per diem rates that went into effect Oct. 1, 2022. Employees may use the rates to substantiate expenses for lodging, meals and incidental expenses when traveling away from home for business. To account for cost-of-living differences in the U.S., the daily rates are higher for localities that the IRS […]
Read More Revised per diem ratesThe IRS recently issued guidance regarding what research activities conducted by a contractor are “unfunded activities” eligible for the research and development (R&D) tax credit. Section 41 research expenses above a certain base amount qualify for the credit. They can be incurred for in-house or contracted research. Research performed for a client under a contract […]
Read More Guidance issued on R&D credit for contractorsAn interesting tool called Benford’s Law can be effective in detecting fraud. But it also can be used during external auditing procedures to test journal entries for unusual numeric patterns. Here’s what you should know about this statistical technique, including its potential limitations. Random data sets According to Benford’s Law, in sets of random data, […]
Read More How auditors use Benford’s Law to assess transactionsSenate Finance Committee Republicans are asking for specifics on how the IRS plans to spend the additional $80 billion the Inflation Reduction Act earmarked for the agency. In a recent letter to IRS Commissioner Chuck Rettig, the Republican senators requested information on how the IRS will prioritize taxpayer services, guard against partisan targeting, protect taxpayer […]
Read More Inquiry on IRS spending plansCost of tax cut swells as Missouri House committee seeks to eliminate corporate tax – mycouriertribune.com https://bit.ly/3ChjWYE
Read More Cost of Missouri tax cut swells
Our Blog 