Do you have a profit motive?

Businesses can generally deduct related expenses on their tax returns. If there’s doubt that a profit motive exists, the IRS may deny deductions. One married couple purchased solar lenses that were supposed to eventually be leased. They claimed depreciation deductions and solar energy tax credits that allowed them to pay little or no income taxes. […]

Amending a return?

Some taxpayers may try to reduce the risk of accuracy-related tax penalties by filing a qualified amended return. These returns are filed after a regular return’s due date, but generally before the IRS contacts the taxpayer about conducting an audit. (Other rules apply for pass-through entities.) New regulations designed to ease the process for large […]

Need to take RMDs this year?

How Does Your State Rank on Corporate Taxes?

Ranking State Tax Systems: Corporate Taxes https://bit.ly/3Vq8xfT

Extended COVID-19 penalty relief available in disaster areas

The IRS is reminding taxpayers in certain declared disaster areas that extended COVID-19 penalty relief is still available for 2019 and 2020 tax returns (but not 2021). The disaster areas with a deadline of Feb. 15, 2023: Florida, Puerto Rico, North Carolina, South Carolina, certain Alaska jurisdictions and Hinds County, Mississippi. The relief applies to […]

The House Ways and Means Committee

The Ways and Means Committee is the chief tax-writing committee in the U.S. House of Representatives. It also oversees Social Security, Medicare and other issues. Not surprisingly, it’s a popular assignment. Now that Republicans have secured a House majority, their representation on the committee is expected to increase from 17 to 25. (Democrats likely will […]

Act now to reduce your business’s 2022 tax bill

It’s been a tumultuous year for many businesses, and the current economic climate promises more uncertainty for the short term, if not longer. Regardless of how your company has fared so far in 2022, there’s still time to make moves that may reduce your federal tax liability. Read on for some strategies worth your consideration. […]

Former IRS Commissioners comment on IRA funding

Three former IRS commissioners said that the agency can best use its 10-year, $80 billion appropriation from the Inflation Reduction Act by improving its audit selection process rather than merely increasing the number of audits. The trio agreed that the money should also be put toward investments in technology that reduce the chance of a […]

Happy Thanksgiving

“I can no other answer make but thanks, and thanks, and ever thanks.”– William Shakespeare, Twelfth Night We wish you and your family a blessed and happy Thanksgiving. And thank you, thank you, thank you…

Lame Duck Session

With the 2022 midterm election mostly in the rearview mirror, the congressional agenda for the upcoming lame duck session is beginning to come into view. Senate Finance Committee Chairman Ron Wyden (D-OR) said: “There’s going to be a clear debate about tax choices, and this whole debate about the child tax credit is front and […]