Syndicated conservations easements

IRS Commissioner Charles Rettig recently told a Senate hearing that despite his agency’s development of a comprehensive enforcement strategy to address abusive syndicated conservation easement transactions, the schemes persist. A U.S. House bill was introduced in 2021 to crack down on abuse of the charitable conservation-easement deduction, which is intended to help preserve public lands. […]

Valuable gifts to charity may require an appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply. […]

Tax Court Memo 2022-33

When taxpayers fail to timely file tax returns, the IRS may do it for them. One engineer had substantial income from various entities. For several years, he filed returns late or not at all and didn’t cooperate with the IRS. The IRS used third-party financial records to reconstruct his income and assess a tax liability. […]

Do you know the signs of financial distress in a business?

Financial statements tell only part of the story. Investors, lenders and other stakeholders who know how to identify red flags of impending problems can protect their own financial interests. Additional due diligence may be needed to uncover these issues. For instance, stakeholders might need to talk to management, visit the company’s website and compute financial […]

An update to Small Business Week

National Small Business Week was last week and this year’s theme was “Building a Better America through Entrepreneurship.” With that in mind, the IRS is urging business owners to take advantage of certain tax benefits and resources while there’s still time. The enhanced 100% business meals deduction (up from 50%) for meals purchased from a […]

Ranking Property Taxes on the 2022 State Business Tax Climate Index

Ranking Property Taxes on the 2022 State Business Tax Climate Index https://bit.ly/3kUx5gH

Filing the the nonprofit e-Postcard

Form 990-N (e-Postcard) is supposed to be filed with the IRS by tax-exempt organizations with annual gross receipts of $50,000 or less. If a nonprofit files its 990-N improperly, the IRS may consider the organization as having not filed. And nonprofits that don’t file for three consecutive years automatically lose their exempt status. The IRS […]

State Sales Tax Breadth and Reliance, Fiscal Year 2021

State Sales Tax Breadth and Reliance, Fiscal Year 2021 https://bit.ly/3KXzimd

Receive a letter from the IRS?

If you recently filed your tax return and then receive a letter from the IRS, don’t panic. The letter was most likely sent because your return contained an error, the IRS has made a change to your return or the agency needs more information. Simply follow instructions and promptly return any forms included in the […]

Happy Mother’s Day!

Best wishes on Mother’s Day to you…. May you spend this special day with your kids to make it a memorable day as a mom.