2023 Q2 tax calendar: Key deadlines for businesses and employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing […]

Comments requested on proposed regulations for CHIP Act

The IRS is requesting comments on proposed regulations regarding the advanced manufacturing investment credit created by the CHIPS Act of 2022. The recently released proposed regs address, among other things, the credit’s eligibility requirements and the term “semiconductor.” For any tax year, the credit generally will be equal to 25% of an eligible taxpayer’s qualified […]

IRS issues guidance on NFTs

Do you own nonfungible tokens (NFTs)? If so, you need to know that the IRS intends to treat certain NFTs as collectibles for tax purposes. According to the IRS, an NFT is a unique digital identifier that’s recorded using distributed ledger technology and may be used to certify the authenticity and ownership of an associated […]

Going green could save greenbacks and more

Nowadays many businesses are looking for creative ways to cut costs and preserve profits. As a bonus, some profit-enhancement initiatives can also be good for the environment. Here are some eco-friendly moves that may enable your business to cut costs — as well as build revenue and long-term value. Cost-cutting measures The most obvious way […]

IRS opens 2023 Dirty Dozen Campaign

The IRS recently kicked off its annual Dirty Dozen campaign, which highlights the top 12 scams and schemes that target taxpayers. The “widely circulating promoter claims” regarding Employee Retention Credits (ERCs) is a new entry in the Dirty Dozen list. The fact that the IRS saw fit to start its campaign with ERC claims reflects […]

A compensation plan that rewards top talent

Does your student really need tuition insurance?

Do you meet the burden of proof?

Taxpayers can generally deduct the ordinary and necessary costs of doing business, but they must keep adequate records to prove the costs are legitimate. When the owner of a welding business failed to file timely tax returns, the IRS issued a notice of tax deficiency for $183,239 plus penalties. He challenged the tax bill and […]

California storm relief

Victims of severe winter storms, flooding, landslides and mudslides in California that began March 9, 2023, have been granted tax relief, the IRS announced. Those who live in or have a business in the disaster areas now have until October 16, 2023, to file various individual and business tax returns and make tax payments. This […]

Is it a deductible medical expense?

What makes a medical expense deductible? The IRS recently posted a list of FAQs concerning the treatment of certain costs related to nutrition, wellness and overall health. Generally, to be deductible, medical care expenses must meet certain criteria, including that they must be incurred primarily to alleviate or prevent a physical or mental disability or […]