Clean Energy Construction Projects must satisfy requirements

Under the Inflation Reduction Act, clean energy construction projects must satisfy several labor requirements to receive full tax credit amounts. Qualifying projects must provide a prevailing wage to employees and contractors during the first five-year period a project is placed into service. The law also stipulates a minimum threshold (10% in 2022, 12.5% in 2023 […]

Who qualifies for the Employee Retention Credit?

Who Actually Qualifies for the Employee Retention Credit? – CPAPracticeAdvisor.com https://bit.ly/3SmpVAw

IRS notice?

Have you ever felt a sense of dread after receiving a letter from the IRS in your mailbox? While receiving mail from the IRS typically isn’t cause for panic, it shouldn’t be ignored either. The IRS mails a letter or notice if the agency needs to ask a question about your tax return, notify you […]

IRS backlog impacts COVID related tax benefits

IRS processing delays are hindering businesses awaiting COVID-19-related tax benefits. That’s the bottom line according to a recent Treasury Inspector General for Tax Administration (TIGTA) audit. TIGTA reports that processing claims for qualified Sick and Family Leave Credits and Employee Retention Credits didn’t begin until 12 months after the relevant legislation was enacted. Processing claims […]

ERTC provides funds to businesses

The IRS Owes Businesses And Non-profits That Has W-2 Employees Money. – Digital Journal https://bit.ly/3S0xY69

SS Benefits includable in income

A U.S. Court of Appeals has ruled that a taxpayer’s Social Security (SS) benefits are includable in income. In the case, a former health insurance company employee didn’t report her SS income. She argued that the SS benefits were tax exempt because they were part of her employer-provided disability benefits. The U.S. Tax Court and […]

WOTC available through 2025

Is your business looking to hire? If so, you should know about a valuable one-time tax credit. The Work Opportunity Tax Credit (WOTC), available through 2025, encourages employers to hire from targeted groups that face employment barriers. Interested employers should start by contacting their state workforce agency to file a form. Employers must also obtain […]

Separating your business from its real estate

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability and estate planning advantages of separating real estate ownership from the business. Tax […]

EARN Retirement Bill Update

A bill aimed at boosting retirement savings has been introduced by top U.S. Senate Finance Committee members. Senators Ron Wyden (D-OR) and Mike Crapo (R-ID) have added new text to a previous proposal, known as the Enhancing American Retirement Now (EARN) Act. Among other things, the $40 billion bill would encourage small businesses to adopt […]

Arizona filing relief

The IRS is providing tax relief to eligible victims of Arizona severe storms that occurred July 17 and 18, 2022. Taxpayers affected by the storms that reside or have a business in the Salt River Pima-Maricopa Indian Community now have until Nov. 15, 2022, to file returns and pay any taxes originally due during the […]