IRS warns on fraud scheme to set up account

It’s generally easy to set up an IRS Online Account (https://bit.ly/49RftJV), where you can access your tax records, set up payment plans, manage communication preferences and more. That hasn’t stopped con artists from trying to “help” people establish accounts and, in the process, steal their tax identities. The IRS is warning about third-party agents who […]

The tax deadline is almost here: File for an extension if you’re not ready

The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 15 to […]

GAO reports on IRS technology roadmap

The Government Accountability Office (GAO) recently released a report on the IRS’s updated plans for its IT programs and related issues. Among other things, the report summarizes the technology objective of the IRS’s strategic plan, determines the extent to which the agency has updated plans for its IT modernization programs and assesses progress made on […]

Coordinating Sec. 179 tax deductions with bonus depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. […]

Fuel Tax Credit Fraud

The Fuel Tax Credit is available only for off-highway business and farming use and not for most taxpayers. However, the IRS continues to see instances where unscrupulous promoters mislead taxpayers about fuel use and create fictitious receipts for fuel. By claiming the Fuel Tax Credit on Form 4136, Credit for Federal Tax Paid on Fuels, […]

Mind the GAAP: How to ensure transparency when using non-GAAP metrics

At Financial Executives International’s Corporate Financial Reporting Insights Conference last November, staff from the Securities and Exchange Commission (SEC) expressed concerns related to the use of financial metrics that don’t conform to U.S. Generally Accepted Accounting Principles (GAAP). Companies continue to have trouble complying with the SEC’s guidelines on non-GAAP reporting, said Lindsay McCord, chief […]

Is it an ordinary and necessary expense?

Business owners can generally deduct ordinary and necessary operating costs on their tax returns if they can show the costs are legitimate. One corporation conceded that it wasn’t entitled to deduct expenses related to an overstatement of costs of goods sold. Also disallowed were expenses for two vehicles the IRS contended were for personal use. […]

Here are the 10 states where the middle class pays the most in taxes

Here are the 10 states where the middle class pays the most in taxes — and the 9 states where they pay no state … – Yahoo Finance https://bit.ly/3TQJd3g

After a down year for deals, the M&A market perks up

Some retirement savers can still get a ‘special tax credit,’ IRS says — but most don’t claim it

Some retirement savers can still get a ‘special tax credit,’ IRS says — but most don’t claim it – CNBC https://bit.ly/4apuSCb