Dispensary loses appeal

A petition for review was filed with the U.S. Supreme Court in a case involving a Colorado marijuana dispensary. Earlier this year, the U.S. Appeals Court for the 10th Circuit ruled against the dispensary, stating that an IRS summons seeking information about the business was properly granted. The case stems from the fact that marijuana […]

WOTC credits help small businesses

Some groups of people face bigger challenges than others when looking for work. At the same time, many employers are struggling to fill jobs. The IRS is reminding businesses of the Work Opportunity Tax Credit (WOTC) that may answer both needs. The WOTC is a valuable one-time credit for each new hire from a group […]

Small businesses brace for ‘catastrophic’ scenario from looming debt ceiling crisis

Small businesses brace for ‘catastrophic’ scenario from looming debt ceiling crisis – NBC News https://bit.ly/3BfMvUO

Energy Credits may reduce your tax bill

Small business owners: The Inflation Reduction Act contains provisions that may help you reduce taxes and energy costs. For example, small businesses usually are eligible to claim a tax credit worth 30% of the cost of switching to solar power. In addition to this tax break, switching to solar can lower a company’s operating costs […]

Student-Athletes must report income

A recent Taxpayer Advocate Service blog post reminds student-athletes that the income some of them are now receiving comes with tax responsibilities. In 2021, the National Collegiate Athletic Association adopted the Interim Name, Image, and Likeness (NIL) Policy, which enables student-athletes to personally profit from their sports prowess and fame. However, NIL income, including non-cash […]

Education benefits help attract, retain and motivate your employees

One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits so that team members can improve their skills and gain additional knowledge. An employee can […]

Florida storm relief

The IRS has provided tax relief to victims of storms in Florida that occurred from April 12 through April 14, 2023. Specifically, taxpayers who reside or have a business in Broward County qualify for this tax relief. Other counties may be added. The relief postpones various tax filing and payment deadlines starting on April 12, […]

Are Disability payments received taxable?

You must report as income on your tax return any amount you receive for a disability through an accident or health insurance plan paid for by your employer. If you paid the entire cost of a health or accident insurance plan, you don’t have to include amounts you receive for your disability as income. In […]

The IRS clarifies what counts as qualified medical expenses

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic rules and IRS clarifications You can claim an itemized deduction for qualified medical expenses that exceed […]

Employment Taxes

Employers who willfully fail to collect or pay over employment tax face a maximum penalty of five years in prison and a steep fine. In a recent case, a Cincinnati, OH, restaurateur was arrested for that crime. According to court documents, from 2016 through 2018, the man withheld payroll taxes from his employees but failed […]