Disaster relief on the way?

The Federal Disaster Tax Relief Act has unanimously passed the U.S. House of Representatives’ Ways and Means Committee and been sent to the House for a full vote. The federal tax relief package for disaster victims extends and builds upon prior legislation. According to Tom Barthold, chief of staff of the Joint Committee on Taxation, […]

New per diem business travel rates kicked in on October 1

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates that became effective […]

IRS extends time to perfect R&D credit

If your business has claimed the research credit under IRC Section 41 (commonly referred to as the “research and development,” or “R&D,” credit), listen up. The IRS has extended, through Jan. 10, 2025, the transition period for correcting research credit refund claims prior to the IRS’s final determination. During the extended transition period, the IRS […]

Accounting for M&As

Business merger and acquisition (M&A) transactions have significant financial reporting implications. Notably, the company’s balance sheet will look markedly different than it did before the business combination. Here’s some guidance on reporting business combinations under U.S. Generally Accepted Accounting Principles (GAAP). Allocating the purchase price GAAP requires a buyer to allocate the purchase price to […]

Contribution limits to qualified plans released

In 2024, individuals will be able to contribute up to $23,000 to 401(k) plans. The same is true for 403(b) plans and most 457 plans. This is up from $22,500 in 2023. The increase is part of cost-of-living adjustments made annually. The catch-up contribution limit for employees age 50 and over who participate in these […]

The truth about year-end mutual fund investing

House passed aid would rescind funds from IRS

Emergency aid to Israel is the topic of a bill introduced by the U.S. House Committee on Oct. 30. If passed, it would rescind $14.3 billion of the $80 billion, 10-year appropriation for the IRS, which was authorized under the Inflation Reduction Act. House Speaker Mike Johnson (R-LA) said in an interview that Israel’s needs […]

Section 179 depreciation election limits for 2023

Heads up: Under Sec. 179, your business may be able to currently deduct eligible property you’ve placed into service in 2023. This generally includes new and used machinery, equipment, off-the-shelf software, roofs, improvements to building interiors and HVAC, as well as fire, security and alarm systems. For 2023, you can expense a maximum of $1,160,000. […]

Court rulings highlights the importance of due dates

A new U.S. District Court ruling highlights the importance of following rules regarding IRS filing dates. A taxpayer who inherited the proceeds of a variable life insurance policy claimed that he and his wife were overtaxed in 2011 and requested a refund. In 2017, he submitted a payment for 2011 tax due that didn’t include […]

How To Get an IRA Tax Deduction: Rules, Eligibility and More

How To Get an IRA Tax Deduction: Rules, Eligibility and More – USA TODAY https://bit.ly/3Mnzsa3