Do you have an emergency preparedness plan?

September is National Preparedness Month. The IRS is reminding taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2024. In light of recent extreme weather events, such as violent tornadoes and flash flooding, it’s in your best interest to have a plan. Key steps to take include […]

Improve financial reporting with an effective audit committee

External auditors have primary responsibility for audit quality. However, the audit committee plays an important oversight role in the financial reporting process. Here are some best practices to consider when evaluating the composition of your company’s audit committee. Understanding the audit committee’s purpose Audit committees act as gatekeepers over financial reporting. This means overseeing the […]

On the cash basis and want to cut taxes?

Many small businesses use the cash basis of accounting, which means they record income when they receive it and generally deduct business expenses in the year they pay them. If your business follows this method, it might make sense to accelerate deductible expenses such as rent and insurance, paying them before year end. You might […]

Test your Knowledge: Settling tax debt for less than the amount owed

Settling tax debt for less than the amount owed

Did you win at the Casino?

Did you play the slots or try your hand at roulette over the long Labor Day weekend? If you won anything, you should know that gambling winnings are taxable. This includes winnings from casinos, lotteries, sports betting sites, bingo and poker games. Casual (as opposed to professional) gamblers are required to report gambling winnings on […]

Are you subject to AMT tax?

Taxpayers who take advantage of certain tax breaks may be subject to the alternative minimum tax (AMT). The AMT was designed to ensure that high-income individuals pay a minimum amount of tax, regardless of the deductions, credits or exemptions they might claim if they weren’t subject to the AMT. Basically, your income tax is calculated […]

IRS reminds employers of educational assistance programs

Student loan assistance has been a hot topic of late. In response, the IRS is reminding employers that they can take advantage of educational assistance programs to help pay for their employees’ student loan obligations through Dec. 31, 2025. Traditionally, these programs have been used to pay for books, supplies, fees, tuition and other education […]

How Do Taxes Affect Interstate Migration?

How Do Taxes Affect Interstate Migration? https://bit.ly/3zcIzXF

Review your withholding and estimated tax Payments

Avoid tax surprises next year. As summer winds down, review your tax withholding or estimated payments so you can increase them if needed. Not paying enough taxes throughout the year can result in not only a bigger-than-expected tax bill next April 15, but also penalties. Taxpayers most vulnerable to surprise tax bills are gig workers […]

How confidential is your FTI?

Is your federal tax information (FTI) confidential? Federal tax law permits the IRS to share your FTI with other entities such as state and local tax agencies. Safeguards are in place against the misuse of the data, including required reporting and penalties for violations. Recently, the Treasury Inspector General for Tax Administration (TIGTA) looked at […]