Ancient Egyptian tablet may provide key to enduring tax policy

Tax pros warn against following terrible tax tips circulating on TikTok

Tax pros warn against following terrible tax tips circulating on TikTok – CBS News https://bit.ly/49vr01f

The Trust Fund Recovery Penalty

When a business willfully fails to comply with payroll and income tax obligations, the IRS generally requires any misused funds to be paid back. It also imposes a trust fund recovery penalty (TFRP) on “responsible” persons. Usually, these are owners, officers, directors and shareholders. In one recent case, a U.S. District Court ruled that an […]

This simple move ‘takes minutes’ to file a free federal tax extension

This simple move ‘takes minutes’ to file a free federal tax extension, tax pro says — here’s what to know – CNBC https://bit.ly/4cQefRE

First Estimated Tax Payment for 2024 due soon

If you make estimated tax payments, be aware that April 15 isn’t just the 2023 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2024. Estimated tax payments are generally made by self-employed people, retirees, investors, businesses and others that don’t have taxes withheld from their income. The payments are […]

Which states cost the most in lifetime taxes?

Which states cost the most in lifetime taxes? – USA TODAY https://bit.ly/3TXsds6

IRS warns on fraud scheme to set up account

It’s generally easy to set up an IRS Online Account (https://bit.ly/49RftJV), where you can access your tax records, set up payment plans, manage communication preferences and more. That hasn’t stopped con artists from trying to “help” people establish accounts and, in the process, steal their tax identities. The IRS is warning about third-party agents who […]

The tax deadline is almost here: File for an extension if you’re not ready

The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 15 to […]

GAO reports on IRS technology roadmap

The Government Accountability Office (GAO) recently released a report on the IRS’s updated plans for its IT programs and related issues. Among other things, the report summarizes the technology objective of the IRS’s strategic plan, determines the extent to which the agency has updated plans for its IT modernization programs and assesses progress made on […]

Coordinating Sec. 179 tax deductions with bonus depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. […]