Information Security Best Practices

National Cybersecurity Awareness Month (October) recently wrapped up, and the IRS and its Security Summit partners are sharing some best practices. You should be careful about revealing too much personal information on social media and be on the alert for unsolicited email and social media messages that ask for tax information. Also, encrypt tax records […]

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Happy Veterans Day

“Freedom is never free.” -Unknown Thank you Veterans!!! We are free to do as we wish because of your service. We remain eternally grateful.

Excise Taxes and Fees on Wireless Services Drop Slightly in 2023

Excise Taxes and Fees on Wireless Services Drop Slightly in 2023 https://bit.ly/475i4zd

Check your withholding to avoid surprises

The IRS is reminding taxpayers that to prevent surprises at tax time they should review their withholding and, if necessary, adjust it. Tools are available to help. The Tax Withholding Estimator at irs.gov enables you to calculate your withholding and see how it affects refunds, take-home pay and tax due. If you or your employer […]

Contributing to your employer’s 401(k) plan: How it works

If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about contributing to […]

Disaster relief on the way?

The Federal Disaster Tax Relief Act has unanimously passed the U.S. House of Representatives’ Ways and Means Committee and been sent to the House for a full vote. The federal tax relief package for disaster victims extends and builds upon prior legislation. According to Tom Barthold, chief of staff of the Joint Committee on Taxation, […]

New per diem business travel rates kicked in on October 1

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates that became effective […]

IRS extends time to perfect R&D credit

If your business has claimed the research credit under IRC Section 41 (commonly referred to as the “research and development,” or “R&D,” credit), listen up. The IRS has extended, through Jan. 10, 2025, the transition period for correcting research credit refund claims prior to the IRS’s final determination. During the extended transition period, the IRS […]

Accounting for M&As

Business merger and acquisition (M&A) transactions have significant financial reporting implications. Notably, the company’s balance sheet will look markedly different than it did before the business combination. Here’s some guidance on reporting business combinations under U.S. Generally Accepted Accounting Principles (GAAP). Allocating the purchase price GAAP requires a buyer to allocate the purchase price to […]