IRS improvements

Due to funding under the Inflation Reduction Act, the IRS reports that it’s on a program of continuous improvement. For the 2024 tax filing season, it plans to reduce hold times on its taxpayer help phone line to five minutes or less. If wait times are expected to exceed 15 minutes, the IRS will call […]

Take action now to reduce your 2023 income tax bill

A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good news is that you still have time to implement year-end tax planning strategies that may reduce […]

IRS announces an online tool for eligible dealers of plug-in electric vehicles

The IRS announced an online tool for eligible dealers of plug-in electric vehicles (EVs) or fuel cell vehicles (FCVs). These are collectively called “clean vehicles.” Dubbed the IRS Energy Credits Online tool, it allows dealers to register online and receive dealer advance payments for the Clean Vehicle Credit within 72 hours of a sale. The […]

2024 Tax Brackets

2024 Tax Brackets https://bit.ly/3uiNeEJ

IRS’s paperless filing initiative is progressing

Good news for taxpayers: The IRS’s Paperless Filing Initiative is ahead of schedule by nearly three months, according to Treasury Secretary Janet Yellen. The Inflation Reduction Act-funded initiative allows taxpayers to digitally respond to all correspondence. Indeed, as of Oct. 27, the IRS has received more than 35,000 responses to notices via its Document Upload […]

What you need to know about restricted stock awards and taxes

Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a dive. But with restricted stock, if the stock price goes down, your […]

Be Alert! Business Identity Theft can be very serious

Heads up, business owners! Identity theft is a serious threat that can shut down your company, possibly forever. Among the signs that business identity theft has occurred: A business can’t file a tax return (because a return has already been filed using its ID number); a request for a routine extension is rejected; and tax […]

Choosing a business entity: Which way to go?

If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation? There are many issues to consider. Currently, the corporate federal […]

What’s your status?

Before you know it, it will be time to contact us to set an appointment for your 2023 tax return preparation. One of the choices we’ll need to make is the filing status you’ll use. Some taxpayers are eligible for more than one. The five statuses are: single, head of household, married filing jointly, married […]

Teaching your accounting staff to master the art of negotiation

Effective negotiation skills are critical when hiring a CEO or salesperson who deals with major contracts on a regular basis. Yet these skills aren’t necessarily at the forefront when looking for a bookkeeper or controller to “count the beans” at your organization. Mastery of the fundamentals of negotiating is essential for accountants, too — whether […]