Recieve a notice from the IRS?

Let’s say you receive an IRS collection notice. What should you do? Don’t panic, but don’t ignore the letter. The National Taxpayer Advocate warns that ignoring the notice can make the situation worse and more expensive. First, confirm the accuracy of the notice using an online account at https://bit.ly/4en0t8W. This will allow you to see […]

Newly retired military members encouraged to check their withholding

A warning for newly retired military members: If you have military retirement pay and take a civilian job, you may be pushed into a higher federal tax bracket, particularly if your spouse also works. To help prevent a big tax bill, complete Form W-4P before you retire to designate how much should be withheld from […]

Understanding the ABCs of credits and debits

Bookkeeping fundamentals are essential to accurate financial reporting. Using software solutions — such as QuickBooks®, NetSuite® or Xero™ — can simplify double-entry accounting. However, knowing how the process works can provide reassurance that your business is properly tracking its financial transactions. Debit and credits Assets are items of value that your business owns, such as […]

Incentives for Pension Participation

Encouraging some employees to participate in work-based tax-advantaged retirement savings plans can be challenging. That’s why the SECURE 2.0 Act enabled employers to offer de minimis financial incentives (such as gift cards that don’t exceed $250) to workers who contribute to 401(k) or 403(b) plans. The IRS is reminding employers that incentives can’t be paid […]

IRS identifies Five ERTC claim red flags

Incorrect ERC? IRS Points to Five New Red Flags – Kiplinger’s Personal Finance https://bit.ly/3MIDuJZ

The scoop on employer-sponsored health insurance

Do you need to make an estimated tax payment?

IRS: This ‘rule of thumb’ shows who needs to make a third-quarter estimated tax payment by Monday – CNBC https://bit.ly/3AXa6Nd

TIGTA releases audit recommendations on multinational corporations

Prompted by concern over the IRS’s effectiveness in addressing large multinational corporations’ use of potentially abusive foreign tax structures, the Treasury Inspector General for Tax Administration (TIGTA) conducted an audit. While corporate tax planning involves legitimate tax-reducing strategies, some tactics entail the establishment of entities in foreign no-tax or low-tax jurisdictions as a sole means […]

The Low-Income Communities Bonus Tax Credit Program – What is it?

The Low-Income Communities Bonus Tax Credit Program was established under the Inflation Reduction Act to drive clean-energy investments in low-income areas and on Indian lands. It’s seeing “robust demand,” according to the U.S. Dept. of the Treasury. The Sec. 48(e) bonus credit increases the Sec. 48 energy investment tax credit of 30% by 10% or […]

Sales tax is older than you might think