Cryptocurrency regulation proposed

Bipartisan legislation to regulate cryptocurrencies has been submitted in the U.S. Senate. The Responsible Financial Innovation Act would set new tax rules for cryptocurrencies and shift much of their oversight to the Commodity Futures Trading Commission. The bill was submitted by Sen. Kirsten Gillibrand (D-NY) and Sen. Cynthia Lummis (R-WY). It would create a de […]

Estimated Taxes are Due

Sept. 15 is an important date to mark on your calendar if you must make quarterly estimated tax payments. That’s the due date for the third estimated tax payment for 2022. Who must pay estimated tax? Generally, those who have taxable income that isn’t subject to withholding must make payments if they expect to owe […]

Is your current bad debt allowance reasonable?

In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer make sense. Here’s how to keep your allowance up to date. Know the rules Under the accrual method of accounting, […]

Failure to Report Foreign Bank Account

In a recent court case, a taxpayer hit with an IRS penalty of $2,173,703 claimed that the penalty violated the excessive-fines clause of the U.S. Constitution. She’s now seeking help from the U.S. Supreme Court. The penalty involves her failure to file a required “Report of Foreign Bank and Financial Accounts” to timely disclose a […]

Remember 9/11

“Are you guys ready? Let’s roll.” –Todd Beamer, a passenger on United Airlines Flight 93. We remember……

Deducting business-related restaurant meals

AICPA requests expanded relief

AICPA asks IRS to expand penalty relief https://bit.ly/3RRPWrk

The Federal Budget versus National Income and Product Accounts

Should you be worried that federal government budget numbers and the national income and product accounts (NIPAs) numbers for fiscal years 2022–2023 don’t match? For example, current receipts in the NIPAs exceed projected revenues in the Congressional Budget Office’s (CBO) baseline by about 5%. According to the CBO, that’s due to “conceptual differences.” The annual […]

Withholding Tax Case in the News

Most business owners and managers understand their responsibilities to withhold Social Security, Medicare and income taxes from employee wages. One Florida staffing company manager who didn’t follow the law learned about consequences the hard way: He was sentenced to 48 months in prison. The manager admitted to the U.S. District Court for the Southern District […]

Clean Vehicle Credit comes with caveats

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit. While the expanded credit seems […]