Considering solar panels? Let’s talk

With temperatures cooling in many parts of the country, homeowners may want to lower their utility bills (and score tax breaks) by installing solar panels. Use caution, says the National Taxpayer Advocate (NTA). While most solar panel salespeople are honest, some are feeding customers false info, such as stating that the time to claim the […]

Taxes on Wireless Services: Cell Phone Tax Rates by State

Taxes on Wireless Services: Cell Phone Tax Rates by State https://bit.ly/3ZNrrml

Is it ordinary and necessary? Did you document it?

Business owners can generally deduct the ordinary and necessary costs of doing business, but failure to keep thorough records can be costly. Vehicle records must be detailed, contemporaneous and include a percentage of business use. One store owner claimed 100% of gas costs for three vehicles. But his records lacked detail, were based on estimates […]

6 tax-free income opportunities

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications: Roth IRAs offer tax-free income accumulation and withdrawals. Unlike withdrawals from traditional IRAs, qualified Roth IRA withdrawals are free from federal income tax. […]

Whistleblower settlement in the news

A recent $263 million tax whistleblower settlement marks one of the biggest cases of its kind. The complex investigation involved three unrelated whistleblowers who will split an award of 30% of the recovered amount (a net $74 million after accounting for a mandatory sequestration reduction). Tax whistleblowers are generally entitled to awards of 15% to […]

Reasons an LLC might be the ideal choice for your small to medium-size business

Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. It can be structured to resemble a corporation for owner liability purposes and a partnership for […]

IRS opens another Employee Retention Credit Voluntary Disclosure Program

The IRS’s second Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) is available until Nov. 22, 2024. It’s designed to help companies repay ERCs they received erroneously. The second ERC-VDP is a little different from the first program. Now, taxpayers can only apply for tax periods in 2021. (ERC money received in 2020 isn’t eligible for […]

CFOs need more than accounting skills

Is your company planning to hire a new CFO? A recent survey found that hiring managers look for more than financial acumen when vetting CFO candidates. In fact, only 38.5% of CFOs at Fortune 500 and S&P 500 companies were licensed CPAs in 2023, according to executive recruiting firm Crist Kolder. What other skills may […]

The Budget Deficit grows

According to the Congressional Budget Office (CBO), the federal budget deficit for the first 11 months of fiscal year 2024 was $1.9 trillion. That’s $372 billion more than the deficit recorded during the same period last fiscal year. Breaking the CBO’s numbers down further, revenues were $420 billion (or 11%) higher and outlays were $793 […]

Stopgap bill passes keeping the government open

Congress has passed a stopgap bill that will fund the federal government through Dec. 20. The bill will avoid a partial government shutdown just weeks before the Nov. 5 election that would have shuttered many government services and resulted in the furloughs of thousands of federal employees. In a nutshell, the bill keeps the government’s […]