Record maintenance is critical to success

When it comes to running a successful small business, there are numerous tasks owners must perform. One important job is to maintain tax and financial records. Granted, this can be overlooked in the day-to-day grind of running a business, but it’s vital when it comes time to prepare and file financial statements and tax returns. […]

Are changes coming to Form 990 reporting?

Tax-exempt organizations are coming under increased scrutiny by members of the House Ways and Means Committee. Lawmakers are looking to boost transparency around tax-exempt organizations’ activities and funding mechanisms. There are also calls to revise Form 990 and proceed on legislation that limits 501(c)(3) status. Rep. David Schweikert (R-AZ) remarked at a recent meeting, “17% […]

Will my tip to the IRS provide a cash award?

Taxpayers who give the IRS Whistleblower Office (WBO) tips about unpaid taxes could qualify for cash awards. To be eligible, tips must be credible and specific, relate to tax underpayments or violations of tax laws, and be used to collect proceeds. But how is an award amount determined? One tipster received an award equal to […]

Summer Tax Planning

Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit by itemizing deductions. If it’s a toss-up between taking the standard deduction and itemizing, here are some ways to increase your […]

Bookkeeping provides a solid foundation for financial reporting

There are currently more than 33 million small businesses in the United States, according to the U.S. Chamber of Commerce. To succeed in today’s competitive markets, it’s essential for your business organization to have accurate books and records. Bookkeeping vs. accounting For starters, you should understand the distinction between bookkeeping and accounting. Bookkeeping refers to […]

Foreign Assets? You may be subject to FATCA

If you or your business are subject to the Foreign Account Tax Compliance Act (FATCA), you should know that enhanced security protocols went into effect July 14, 2024. Sign in or register with an IRS credential service provider (Login.gov or ID.me) and then log in to the FATCA Registration System (https://bit.ly/3WcZDnT). You’ll need to verify […]

Economy receives mixed reviews from Americans

Innocent spouse relief

“Innocent spouse” relief may protect individuals from additional tax and penalties if they’ve filed joint tax returns with spouses or ex-spouses who underreported income without their knowledge. But as a recent U.S. Tax Court case showed, such relief isn’t available in every situation. After the IRS wrongly paid a refund to a divorced couple, the […]

The US economic outlook

The International Monetary Fund (IMF) issued a report addressing the U.S. economic outlook. Topline: the IMF said the Federal Reserve shouldn’t cut interest rates until “late 2024.” IMF chief economist Pierre-Olivier Gourinchas said that due to a strong labor market, the Fed “could afford to wait” longer before cutting rates. The IMF added that to […]

Sales Tax Holidays by State, 2024

Sales Tax Holidays by State, 2024 https://bit.ly/4bY5zXB