Strong controls over financial reporting are essential

Public companies are required to evaluate and report on internal controls over financial reporting using a recognized control framework under rules set forth by the Securities and Exchange Commission (SEC). However, private companies also need checks and balances to help ensure their financial statements are correct and reduce the risk of fraud. Additionally, transparent reporting […]

Tax relief for farmers

The IRS is providing tax relief for farmers and ranchers forced to sell or exchange livestock because of drought conditions in 41 states and other areas. Specifically, farmers and ranchers may have additional time to replace their livestock and defer tax on any gains from forced sales or exchanges. The tax relief generally applies to […]

Make 5 money-smart moves before year end

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 […]