What is an IP PIN?

Protection is key when guarding your personal and financial information from fraudsters. That’s why the IRS offers a vital tool, the Identity Protection Personal ID Number (IP PIN). The IP PIN is a six-digit number you can apply for voluntarily. It’s known only to you and the IRS. It’s valid for one year and you’ll […]

Results of a Survey Measuring Business Tax Compliance Costs

Results of a Survey Measuring Business Tax Compliance Costs https://bit.ly/3XQFLJv

IRS issues proposed regulations for the clean electricity communities tax credit

In an effort to encourage clean energy investment in certain areas, the Inflation Reduction Act created a clean electricity low-income communities bonus tax credit. The IRS has now issued proposed regulations for claiming it. This credit will be calculated by multiplying the amount of qualified investment made in a facility by an applicable percentage. To […]

TIGTA criticial of the IRS audit plan for taxpayer’s earning less than $400,000

In 2022, the U.S. Treasury Secretary directed the IRS not to use additional resources to audit taxpayers earning less than $400,000 a year. According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS has yet to develop a solid methodology to prevent it from increasing audits on these taxpayers. Although the IRS has […]

Are you unfairly burdened by a spouse’s tax errors? You may qualify for “innocent spouse relief”

Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for such a bill has to do with the concept of “joint and several” liability. When a married couple files a joint tax return, each spouse is […]

QBI can reduce your tax bill

Are you a small business owner looking to reduce your 2024 tax bill? Thanks to the Tax Cuts and Jobs Act, owners of pass-through entities may be able to claim tax deductions based on their qualified business income (QBI) and certain other income. This deduction can be up to 20% of your QBI, subject to […]

Third quarter estimated tax payments due soon

If you’re a taxpayer who needs to make quarterly estimated tax payments, mark your calendar for Sept. 15. That’s the due date for the third estimated payment for 2024. You should generally make estimated tax payments if you have taxable income that isn’t subject to withholding and you expect to owe tax of at least […]

Understanding taxes on real estate gains

Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through entity such as an LLC, partnership or S corporation. You may expect to pay Uncle Sam the standard 15% or 20% […]

Are you affected by the business interest limitation?

Will your company be affected by the business interest tax deduction limitation in 2024? Generally, interest paid or accrued by a business is deductible up to 30% of adjusted taxable income (ATI). Taxpayers with average annual gross receipts that don’t exceed an applicable threshold for the three previous years are exempt from the interest deduction […]

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 […]