IRS releases guidance on Solar and Wind investment credits

The IRS has issued guidance for owners of certain solar or wind facilities built in connection with low-income communities. The Inflation Reduction Act provides for an increase in the energy investment credit for solar and wind facilities that apply for, and receive, an allocation of environmental justice solar and wind “capacity limitation.” Revenue Procedure 2024-19 […]

How renting out a vacation property will affect your taxes

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The tax treatment depends on how many days […]

IRS reports on CARES Act related fraud

It’s been just over four years since the enactment of the CARES Act. While the COVID-19-related law helped millions of individuals and businesses through the economic fallout due to the pandemic, it also attracted a great deal of tax fraud. The IRS’s Criminal Investigation (CI) division said that it investigated 1,644 tax and money laundering […]

Bartering is a taxable transaction even if no cash is exchanged

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade — but the internet has made it easier to engage in with other businesses. However, if your business begins […]

The IRS issues its annual “Dirty Dozen” list of scams

The IRS annually issues its “Dirty Dozen” list of scams that put taxpayers and businesses at risk of losing money and personal data. The tax agency begins this year’s list with a warning about evolving phishing and smishing schemes. Phishing occurs when a fraudster emails victims offering phony tax refunds or threatening them with false […]

How to minimize billing bottlenecks

Managing accounts receivable can be challenging, especially in an uncertain economy. To keep your company financially fit, it’s a good idea to occasionally revisit your billing and collections processes to ensure they’re as efficient and effective as possible. Consider these helpful tips. Resolve billing issues quickly The quality of your products or services, and the […]

What can a power of attorney do?

If the IRS wants to talk to you about a specific tax matter, you can authorize a third party to do the talking for you. But you must grant third-party formal permission. There are several ways to do this, including by assigning your power of attorney to a person who is authorized to practice before […]

Tax changes small business owners should be aware of as the tax deadline looms

Tax changes small business owners should be aware of as the tax deadline looms – The Associated Press https://bit.ly/4aeAM98

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Can States Afford Their Recent Tax Cuts?

Can States Afford Their Recent Tax Cuts? https://bit.ly/3TWVcxr