Selling your residence?

The residential real estate market is surging in many areas. If you’re considering selling your principal home, keep in mind that you might owe taxes on the profit, especially if you’ve lived there a while. Here are two ways you may be able to reduce your taxable gain: 1) List the eligible costs when you […]

Cash or accrual accounting: What’s best for tax purposes?

Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure […]

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 […]