Closing a business involves a number of tax responsibilities

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, a business must file a final federal income tax […]

Do I qualify for the Dependent Care Credit?

If you incur daycare expenses for children or other dependents, you may qualify for a tax credit. The Child and Dependent Care Credit is available for expenses that allow you or your spouse to work or actively seek work. If eligible, you may be able to claim up to 35% of your expenses. The credit […]

Exceptions to the IRA Early Withdrawal Penalty

If you withdraw money from a traditional IRA before age 59½, you’ll generally owe income tax plus a 10% penalty on the amount. But there are exceptions, including if you withdraw the money to cover certain higher education costs or to buy a home (first-time homebuyer expenses up to $10,000). You can usually make penalty-free […]

Public policy organization reports increase in restatements

Accurate financial statements are essential to making informed business decisions. So, managers and other stakeholders may express concern when a company restates its financial results. Before jumping to premature conclusions, however, it’s important to dig deeper to evaluate what happened. Uptick in restatements In June 2024, the Center for Audit Quality (CAQ) reported a recent […]

BOI reporting due January 1, 2025

Many small U.S. business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. With this deadline fast approaching, FinCEN is increasing its educational efforts with events around the country where it explains who must report and how to do so. Instituted by the […]

IRS reopens Voluntary Disclosure Program to help businesses with problematic Employee Retention Credit claims

IRS reopens Voluntary Disclosure Program to help businesses with problematic Employee Retention Credit claims – IRS https://bit.ly/3X6MUVu

Which employer-provided meals are 100% deductible?

With age comes retirement savings catch-up benefits

Residential Clean Energy Tax Credits popular with taxpayers

The Inflation Reduction Act extended and expanded certain residential and energy-efficient home energy tax credits. According to recently released statistics, these clean energy credits have proven to be popular. Indeed, the IRS reports that taxpayers have claimed more than $6 billion in credits on 2023 tax returns for residential clean energy investments (including solar electricity […]

ERTC processing resumes

The Employee Retention Tax Credit (ERTC) is back in the news after the IRS announced plans to resume processing 50,000 “low-risk” claims. Last fall, the tax agency announced a moratorium on processing claims submitted after Sept. 14, 2023. A subsequent review during the moratorium allowed the IRS to move into this new stage with more […]