Tap into specialized functions in QuickBooks

QuickBooks® provides an all-in-one solution that helps some small and medium-sized businesses manage their finances. While QuickBooks provides the accounting backbone for many companies, it has advanced features that go beyond basic bookkeeping tasks. For example, the time-tracking functionality in QuickBooks captures the hours spent on a specific project and makes it easier to bill […]

Due Date Approaching

April 18th is the deadline to file your 2022 tax return and pay any tax due. If you can’t file on time, you can request a six-month extension to file. However, any tax owed is generally still due by April 18th to avoid interest and penalties. If you owe taxes and don’t seek an extension […]

IRS Warns Of Employee Retention Credit Claim Fraud

IRS Warns Of Employee Retention Credit Claim Fraud – Forbes https://bit.ly/3T0E5cd

Test your knowledge: Can the self-employed deduct Social Security and Medicare taxes?

Test your Knowledge:❓Can the self-employed deduct Social Security and Medicare taxes?

Which States Get the Biggest Tax Refund?

Which States Get the Biggest Tax Refund? – CNET https://cnet.co/3T6RuzC

IRS issues warning on Employee Retention Credit

The IRS has issued a warning to businesses to be on alert for Employee Retention Credit (ERC) mills. These scammers dangle the prospect of a large tax refund by claiming the ERC, often charging a large up-front fee based on the amount of the refund. They omit the fact that wage deductions claimed on a […]

Action brewing to address Housing Crisis

Supporters of affordable housing are urging the Senate Finance Committee to advance tax policy that addresses the current housing crisis. According to the National Association of Realtors, the share of sales going to first-time homebuyers fell last year to the lowest level on record. Several committee members appeared on board with the need for legislative […]

U.S. Supreme Court rules against the IRS on critical FBAR issue

The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts […]

IRS alerts taxpayers of another scam

Among the many scams taxpayers should be aware of this filing season is one involving Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. Some filers have been falsely encouraged to claim the credits based on employee (not self-employment) income. These credits aren’t even available for 2022. In a similar scheme, […]

IRS Levy

If individuals don’t pay taxes (or make arrangements to settle the debt), the IRS may levy wages through their employers. But one man who owed back taxes filed a lawsuit against his employer after the corporation complied with an IRS levy on his wages. The man argued that the IRS didn’t have authority to seize […]