New IRS Commissioner Confirmed

On March 9, 2023, Daniel Werfel was confirmed as the IRS’s new commissioner. He can expect scrutiny from the Republican-controlled House Ways and Means Committee, which recently established an IRS watchdog office and a direct line for IRS whistleblowers. But Werfel was confirmed by a bipartisan vote that included six Republican senators. Still, Republicans have […]

Protect the “ordinary and necessary” advertising expenses of your business

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes. However, in order to be deductible, advertising and marketing expenses must be “ordinary and necessary.” As one taxpayer recently learned in U.S. Tax Court, […]

The 2024 Budget proposal contains tax increases

President Biden has released his 2024 proposed budget, and it includes about $5 trillion in tax increases on the wealthy and corporations to help offset the deficit and shore up Medicare. The top 0.01% would pay a minimum 25% tax and the top marginal rate would rise from 37% to 39.6% for taxpayers with annual […]

Can you claim the Credit for Other Dependents?

Do you have a dependent who doesn’t qualify for the Child Tax Credit? If so, you may be able to claim the Credit for Other Dependents, even if you also claim the Child and Dependent Care Credit and the Earned Income Credit. A maximum credit of $500 can be claimed per dependent of any age […]

Tap into specialized functions in QuickBooks

QuickBooks® provides an all-in-one solution that helps some small and medium-sized businesses manage their finances. While QuickBooks provides the accounting backbone for many companies, it has advanced features that go beyond basic bookkeeping tasks. For example, the time-tracking functionality in QuickBooks captures the hours spent on a specific project and makes it easier to bill […]

Due Date Approaching

April 18th is the deadline to file your 2022 tax return and pay any tax due. If you can’t file on time, you can request a six-month extension to file. However, any tax owed is generally still due by April 18th to avoid interest and penalties. If you owe taxes and don’t seek an extension […]

IRS Warns Of Employee Retention Credit Claim Fraud

IRS Warns Of Employee Retention Credit Claim Fraud – Forbes https://bit.ly/3T0E5cd

Test your knowledge: Can the self-employed deduct Social Security and Medicare taxes?

Test your Knowledge:❓Can the self-employed deduct Social Security and Medicare taxes?

Which States Get the Biggest Tax Refund?

Which States Get the Biggest Tax Refund? – CNET https://cnet.co/3T6RuzC

IRS issues warning on Employee Retention Credit

The IRS has issued a warning to businesses to be on alert for Employee Retention Credit (ERC) mills. These scammers dangle the prospect of a large tax refund by claiming the ERC, often charging a large up-front fee based on the amount of the refund. They omit the fact that wage deductions claimed on a […]