Deduction distinction: The difference between “repairs” and “improvements”

Deadline to return ERTC funds fast approaching

Earlier this year, the IRS launched a voluntary disclosure program involving the Employee Retention Tax Credit (ERTC). It allows eligible businesses to pay back money they received after filing ERTC claims in error. The disclosure program runs through March 22, 2024, and allows employers to repay 80% of the money received. With the deadline to […]

What do I do if I donate a car to charity?

Donating a car to your favorite charity helps the organization and may give you a nice tax deduction. But you must itemize deductions and follow the rules. For a car worth at least $250 but not more than $500, you need a written acknowledgment letter from the charity with certain details. You must have this […]

Did you Gamble and win?

Did you bet money on the Super Bowl? If so, you aren’t alone. The American Gaming Association estimated that a record $23.1 billion would be wagered on Super Bowl 58. If you won, congratulations! Not to rain on your parade, but Uncle Sam generally wants his share. The rules apply even to “casual gamblers” who […]

2024 tax calendar

To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2024

Phase 2 of the IRS Pre-Examination Retirement Plan Compliance Program

The IRS is beginning phase two of its Pre-Examination Retirement Plan Compliance Program. The overall project is intended to reduce taxpayer burden, minimize IRS time spent auditing plans and encourage plan sponsors to self-correct. Sponsors currently chosen for participation will receive a letter urging them to review their plan documents and operations for tax law […]

The new or used clean vehicle tax credit

If you’re in the market for an electric vehicle and hope to qualify for the new or used clean vehicle tax credit, take note: Deadlines for submitting seller reports to the IRS have been extended. Your seller is required to submit a report to the IRS Energy Credits portal by a specified deadline and provide […]

9 tax considerations if you’re starting a business as a sole proprietor

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you’re currently eligible to claim […]

IRS updates on the health insurance premium tax credit

Just in time for tax filing season, the IRS has made several updates to (and added several new) FAQs related to the health insurance premium tax credit. This refundable credit is designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace. The size of […]

Employer-provided childcare tax credits

The employer-provided childcare tax credit is designed to help employers cover some of the qualified facility, resource and referral costs associated with providing childcare services to their employees. A qualified childcare facility is one that meets the requirements of all applicable laws and regulations of the state or local government in which it’s located. The […]