BOI reporting due January 1, 2025

Many small U.S. business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. With this deadline fast approaching, FinCEN is increasing its educational efforts with events around the country where it explains who must report and how to do so. Instituted by the […]

IRS reopens Voluntary Disclosure Program to help businesses with problematic Employee Retention Credit claims

IRS reopens Voluntary Disclosure Program to help businesses with problematic Employee Retention Credit claims – IRS https://bit.ly/3X6MUVu

Which employer-provided meals are 100% deductible?

With age comes retirement savings catch-up benefits

Residential Clean Energy Tax Credits popular with taxpayers

The Inflation Reduction Act extended and expanded certain residential and energy-efficient home energy tax credits. According to recently released statistics, these clean energy credits have proven to be popular. Indeed, the IRS reports that taxpayers have claimed more than $6 billion in credits on 2023 tax returns for residential clean energy investments (including solar electricity […]

ERTC processing resumes

The Employee Retention Tax Credit (ERTC) is back in the news after the IRS announced plans to resume processing 50,000 “low-risk” claims. Last fall, the tax agency announced a moratorium on processing claims submitted after Sept. 14, 2023. A subsequent review during the moratorium allowed the IRS to move into this new stage with more […]

American Retirement and Tax-Preferred Savings Accounts, Tax Year 2018

American Retirement and Tax-Preferred Savings Accounts, Tax Year 2018 https://bit.ly/46WRNUn

School-time is back

Summer is winding down and a new school year is ramping up. Teachers and other educators have been working hard to prepare their classrooms before the new year begins. Qualified educators can deduct up to $300 of unreimbursed expenses on their 2024 tax returns. Married educators who file joint returns can deduct up to $600, […]

No tax for that Olympic Gold medal

With the 2024 Paris Olympics over, most of the winning athletes aren’t worrying about taxes. Thanks to a law passed in 2016, Olympic athletes generally don’t have to pay federal taxes on the value of the medals or the amount of any U.S. Olympic & Paralympic Committee (USOPC) prize money they win. The law exempts […]

Planning your estate? Don’t overlook income taxes

The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate […]