Make year-end tax planning moves before it’s too late!

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard […]

SCOTUS denies R+D Credit claimed by taxpayers

The U.S. Supreme Court has upheld a U.S. District Court ruling that denied research and development tax credits claimed by a married couple. The taxpayers own a construction company operating as an S corporation, and the lower court had ruled that the corporation’s projects failed to meet the business components test. It also found the […]

2024 Q4 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: […]

Disaster relief

When natural disasters occur, the U.S. government often declares affected counties as federal disaster areas. The relief associated with these declarations typically extends tax filing and other deadlines for individuals and businesses. The Treasury Inspector General for Tax Administration (TIGTA) has determined that the IRS must provide greater clarification regarding the timeframe for which business […]

Reminder: Profits and cash flow aren’t the same

Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe taxes when they regularly struggle to find cash to cover their bills. The answer can be found by understanding the key differences between profits and cash flow. Operating activities Profits are closely related to taxable […]

Syndicated Conservation Easements classified as listed transactions under new regulations

The IRS has issued final regs that formally classify certain syndicated conservation easements as “listed transactions.” These transactions will be subject to reporting and disclosure rules designed to combat tax avoidance schemes. Indeed, syndicated conservation easements have been on the IRS’s annual Dirty Dozen list of tax schemes for many years. In these transactions, investors […]

Often overlooked sources of tax-free income

Gamblers often don’t report taxable winnings

Gambling winnings must be included in taxable income. But a recent report by the Treasury Inspector General for Tax Administration (TIGTA) found many taxpayers with gambling income didn’t file tax returns. This occurred even though they received Forms W-2G (Certain Gambling Winnings). A TIGTA analysis covering three tax years showed that 148,908 persons who were […]

Leveraging Tax Policy to Bolster US Economic Growth Amid Competition with China

Leveraging Tax Policy to Bolster US Economic Growth Amid Competition with China https://bit.ly/48tMLjb

Do you have Bad Debt on the books?

Now that the last quarter of 2024 is here, it’s a good time for accrual-basis businesses to clean up their books and possibly lower their taxes. Review your receivables to see if there are any bona fide business debts that have become uncollectible. If so, you may be able to take a bad debt tax […]