Update on retirement account required minimum distributions

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules. Specifically, you’ll have to: 1) […]

New Parent?

Did you or someone you know become a parent this year? If so, you should know that parents have special tax situations and benefits that may lower their tax bills and increase potential refunds. To claim parental tax breaks, your child must have a Taxpayer Identification Number (such as a Social Security number) to confirm […]

2024 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 2024. 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 […]

Offer in Compromise mills

As part of its annual “Dirty Dozen” list of tax scams, the IRS renewed warnings about Offer in Compromise (OIC) mills. They’re run by unscrupulous companies that falsely claim they can resolve tax debts for pennies on the dollar without even knowing the details. IRS Commissioner Danny Werfel explained these mills charge steep fees by […]

Auditing WIP today

External auditors spend a lot of time during fieldwork evaluating how businesses report work in progress (WIP) inventory. Here’s why this warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. Valuing WIP Companies may report various categories of inventory on their balance sheets, depending on the nature of their operations. For companies […]

Estimated tax payments due

If you make estimated tax payments, be aware that April 15 isn’t just the 2023 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2024. Estimated tax payments are generally made by self-employed people, retirees, investors, businesses and others that don’t have taxes withheld from their income. The payments are […]

90% of qualifying electric-vehicle buyers opt for $7,500 ‘new clean vehicle’ tax credit as upfront payment

90% of qualifying electric-vehicle buyers opt for $7,500 ‘new clean vehicle’ tax credit as upfront payment, Treasury says – CNBC https://bit.ly/3vSPXpw

Ancient Egyptian tablet may provide key to enduring tax policy

Tax pros warn against following terrible tax tips circulating on TikTok

Tax pros warn against following terrible tax tips circulating on TikTok – CBS News https://bit.ly/49vr01f

The Trust Fund Recovery Penalty

When a business willfully fails to comply with payroll and income tax obligations, the IRS generally requires any misused funds to be paid back. It also imposes a trust fund recovery penalty (TFRP) on “responsible” persons. Usually, these are owners, officers, directors and shareholders. In one recent case, a U.S. District Court ruled that an […]