Are you buying a home with someone you aren’t married to?

Are you buying a home with someone you aren’t married to? If so, the IRS says that you may each be entitled to deduct half of the cost of the mortgage interest and real property tax you paid. This is true even if only one of you receives a Form 1098, Mortgage Interest Statement, from […]

Update on IRS efforts to combat questionable Employee Retention Tax Credit claims

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that. According […]

Filing season is open

The IRS began accepting 2023 tax returns on January 29. Before we prepare your return, here are some common mistakes to avoid that could save you time and effort. While you may want to get filing over, wait until you’re certain you have all your tax reporting documents. These include Forms 1099 and W-2, donation […]

IRS announces delay in 990-T filings

Certain tax-exempt organizations that must file Forms 990-T, Exempt Organization Business Income Tax Return, will be unable to file electronically until March 17, 2024, due to a system upgrade. This will affect certain taxpayers with filing due dates from Jan. 15, 2024, through March 15, 2024. The IRS said affected taxpayers can request a six-month […]

Does the IRS notice have you confused? Improvements are on the way.

Have you ever been perplexed when reading an IRS letter you received in the mail? You’re not alone. The IRS is attempting to simplify and clarify its letters by launching the Simple Notice Initiative. The new program will review and redesign hundreds of documents with an immediate focus on the most common notices that individual […]

IRS reminds taxpayers to answer question on digital assets

Are you properly accounting for your “digital asset-related” income? The IRS is reminding taxpayers that they must answer a digital asset question and report all digital asset-related income when they file their 2023 income tax returns. Common digital assets include convertible virtual currency and cryptocurrency, stable coins and non-fungible tokens. The question, which appears at […]

Clarification on the census tract requirement

A recent IRS notice clarifies the “census tract requirement” to quality for the alternative fuel vehicle refueling property credit. Eligible tracts must be in low-income areas in the United States or U.S. territories, based on Community Development Financial Institutions Fund data. Also eligible are tracts in nonurban areas. To identify nonurban areas, the IRS plans […]

Solid financial reporting can help attract debt and equity financing

Financial reporting plays a key role when a business needs funds for continued operations and strategic investment opportunities. Lenders and investors will generally want to review your company’s financial statements before they give it money. Timely, reliable reports can increase the odds that a bank will approve your company’s loan application and equity investors will […]

The Tax Relief for American Families and Workers Ac

The Tax Relief for American Families and Workers Act, which was approved by the U.S. House Ways and Means Committee, makes changes to the current tax treatment of research and development (R&D) expenditures. Right now, a business must amortize such costs after Dec. 31, 2021, over a five-year period. Previously, they could be deducted in […]

Clean Energy Credits have two delivery methods

The Inflation Reduction Act created two new tax credit delivery mechanisms, elective pay (otherwise known as direct pay) and transferability. These enable state and local governments, nonprofits and other entities to claim clean energy tax credits. Using the IRS’s Energy Credits Online (ECO) tool, more than 1,000 projects have been registered. To facilitate receiving a […]