IRS warns on Business Identity Theft

The IRS is warning businesses that they’re prime targets for identity theft. How do you know if your company’s identity has been stolen? According to the IRS, you should investigate if you receive a: 1) rejection notice for an electronically filed tax return because a return is already on file, 2) notice about a return […]

Tips for QuickBooks users: 5 mistakes to avoid during bank reconciliation

Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. The primary purpose of a bank reconciliation is to confirm that the transactions recorded in your bank statement match those shown in your accounting records. Generally, bank accounts should be reconciled at least monthly. However, conducting weekly or daily reconciliations for […]

Just Married?

Did you or someone you know get married in 2023? The IRS has provided a checklist to help newlyweds avoid mistakes that could cost them at tax time. How you file depends on your marital status on Dec. 31. The married-filing-jointly status is typically the most beneficial way for couples to file, but it’s a […]

Happy New Year

The last day of 2023 is 123-123, which means we’re literally waltzing into 2024. New is the year, new are the hopes, new is the resolution, new are the spirits, and new are my warm wishes just for you. Have a promising, fulfilling, and Happy New Year! Enjoy the dance.

Estate granted extension

In an IRS private letter ruling, an estate was granted a 120-day extension to make a portability election under the Internal Revenue Code. The extension allows the surviving spouse to take into account the decedent’s deceased spousal unused exclusion (DSUE) amount. An estate tax return wasn’t filed on time and a portability election wasn’t made. […]

You can’t touch this! But you can value it.

Watch out for scams and thieves

It’s holiday time, but not everyone is sharing goodwill. Thieves are hoping to catch people off guard, and a favorite target is senior citizens. Next month, the 2024 cost-of-living adjustment (COLA) rolls out automatically to Social Security (SS) recipients. But thieves have been using phone calls, texts and emails to contact seniors, impersonating government agents. […]

The Commercial Clean Vehicle Credit

Businesses that buy commercial clean vehicles may qualify for the Commercial Clean Vehicle Credit. It equals the lesser of 15% of the basis of the vehicle (30% if not gas powered) or the vehicle’s incremental cost. The maximum credit is $7,500 for qualified vehicles under 14,000 pounds. The incremental cost is the excess of the […]

There is still time to make tax deductible purchases

Business owners still have a small handful of shopping days left to buy tax-deductible supplies. As you know, you can generally write off the ordinary and necessary costs of carrying on a trade or business. You may need items such as paper, envelopes, printer ink cartridges, staplers, breakroom supplies, binders, office chairs and more. Buy […]

There’s still time to reduce your 2023 tax bill with these last-minute moves

There’s still time to reduce your 2023 tax bill with these last-minute moves – CNBC https://bit.ly/3vhzKtg