Did you request an extension to file your tax return after the standard April 18, 2023, deadline? If so, you now have until Oct. 16 to prepare and file it with the IRS. Don’t wait until the last minute! As soon as possible, gather your records for the 2022 tax year and make an appointment […]
Read More Tax return on extension?Tax change for high-income earners’ 401(k) catch-up savings hits … – USA TODAY https://bit.ly/3YaZiTk
Read More Tax change for high-income earners’ 401(k) catch-up savings hitsIf the IRS suspects a taxpayer isn’t reporting all income, it may conduct a “bank deposits analysis” to compare deposits with what the taxpayer reported on a tax return. In one case, the IRS conducted an analysis of a married couple’s business because they hadn’t reported all income and hadn’t maintained proper records. The couple […]
Read More US Tax Court rules on IRS method to determine unreported incomeIf you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you […]
Read More Corporate officers or shareholders: How should you treat expenses paid personally?It’s a good bet that taxes are the furthest thing from the minds of a newlywed couple. (Unless, that is, one of them is a CPA!) Regardless, sometime after the wedding and honeymoon, it’s important to sit down to review a few tax-related items. Indeed, a change in marital status can precipitate tax implications. For […]
Read More Just Married?If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll […]
Read More Retirement account catch-up contributions can add upIf a taxpayer fails to pay the IRS following a tax assessment, the agency can take legal action to collect the overdue tax. Options include filing liens and issuing levies to claim and seize the delinquent taxpayer’s property. In one new case, a federal appeals court ruled that the U.S. Tax Court properly sustained the […]
Read More What happens if I don’t pay?For many companies, a significant line item on the balance sheet is accounts receivable. But can you take the amount reported at face value, or could there be more to the story? It’s important to dig deeper to understand the quality of accounts receivable. Balances might include stale invoices, bad debts — and even fictitious […]
Read More Receivables: Quality countsTaxpayers may want to reduce their taxable estates by making completed gifts during their lifetimes. To be complete, a donor must intend to make the gift and it must be irrevocable (that is, the donor has given up control). A check is revocable until it’s deposited or cashed. In one case, a decedent’s son had […]
Read More Did you make a gift?What Americans drink and their changing habits https://bit.ly/3rEkiWo
Read More What Americans drink and their changing habits
Our Blog 