Is that expense ordinary and necessary?

Business owners can generally deduct the ordinary and necessary costs incurred in the course of business, if they can substantiate them. One married couple deducted marketing fees paid by their S corp to a C corp owned by the husband. But the deduction was denied by the U.S. Tax Court when a review showed that […]

A company car is a valuable perk but don’t forget about taxes

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees driving the cars. (And of course, they enjoy the nontax benefit of using a company […]

IRS urges businesses to guard against cyberattacks

With the beginning of the tax season coming up early next year, the IRS urges businesses to guard against cyberattacks. Scam artists are ramping up efforts to steal private data. The information they seek includes credit card details, business identity and employee data, which they may use to file fraudulent tax returns. One frequent method […]

IRS continues to warn taxpayers on scams

Many Americans have already heard that they should be wary of potentially fraudulent emails claiming to be from the IRS. However, such phishing scams can be sophisticated and difficult to spot. Here’s one scheme you can easily identify and reject. The IRS is warning about emails that purport to come from the Taxpayer Advocacy Panel […]

It’s important to track tools and small equipment

Is your business constantly replacing its tools and small equipment? Certain items that can fit in a backpack, pocket or even the armrest of a vehicle — such as power tools, hard hats, iPads and RFID readers — have a tendency to “walk away” from job sites, warehouses and offices. However, the cost of lost, […]

Do you need to schedule a doctor appointment?

Taxpayers who plan to claim medical expense deductions on their 2023 income tax returns now have less than one month to fit in appointments and purchases. You can only claim deductions for qualified medical costs not covered by insurance that exceed 7.5% of your adjusted gross income. If you’re close to or over this limit […]

Time is running out to repay Covid-era 401(k), IRA withdrawals

Time is running out to repay Covid-era 401(k), IRA withdrawals — and claim a tax refund – CNBC https://bit.ly/3TfpMma

What do you know about donating real estate to charity?

IRS rejects more than 20,000 refund claims for pandemic-related tax credit

IRS rejects more than 20,000 refund claims for pandemic-related tax credit – CNBC https://bit.ly/3t5QwuM

Initial beneficial ownership reporting extended to 90 days

The Financial Crimes Enforcement Network has extended the deadline for new entities to file their initial beneficial ownership information (BOI) reports. Reporting entities created in 2024 will now have 90 calendar days (instead of 30) from the date of their creation to file their BOI reports. This extension applies only to reporting entities created in […]