National Wildfire Awareness Month

The month of May is National Wildfire Awareness Month. In fact, wildfires are currently raging in New Mexico. The IRS recently issued tips for individuals and businesses to prepare in case they become victims of a natural disaster of any kind. These tips include securing key documents, such as tax returns, birth certificates and insurance […]

Payroll Taxes

The IRS is reminding business owners of the option to electronically file their payroll tax returns and make tax payments. Also known as employment taxes, payroll taxes include federal (and possibly state) income tax withheld from employee wages, as well as the employer and employee portions of Social Security and Medicare taxes. Taxpayers can file […]

Management letters: Follow up on your auditor’s recommendations

Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply out of new ideas. Fortunately, when audited financial statements are delivered, they’re accompanied by a management letter that suggests ways […]

Work Opportunity Tax Credits

Even in a tight labor market, some job seekers have trouble finding employment due to such factors as long-term unemployment, veteran status, disability and former incarceration. But the Work Opportunity Tax Credit may help by giving employers who hire eligible individuals a tax credit generally equal to 40% of up to $6,000 in wages paid […]

Crypto-Assets

Some observers have noted that the digital asset reporting model proposed in President Biden’s fiscal 2023 budget is very similar to that put forward by the multinational Organization for Economic Cooperation and Development (OECD). But, as a U.S. Treasury official has stated, the OECD model is narrower in scope and “focuses on transactions involving dispositions […]

How poison pills can help cure companies of hostile investors

Estimated Tax Payments

The IRS is reminding all businesses, including self-employed and gig workers, to make estimated tax payments quarterly. Individuals and businesses are required to pay taxes as income is earned or received throughout the year, either through withholding or estimated tax payments. That’s why those who are self-employed or in the gig economy usually need to […]

Businesses may receive notices about information returns that don’t match IRS records

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect […]

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. […]