House Democrat urge release of information on IRS investigation of Puerto Rico tax abuse

A group of U.S. House Democrats is urging the IRS to provide an update on the agency’s investigation of tax incentive abuses designed to lure investors to Puerto Rico and spark economic growth. The schemes involve high-net-worth individuals reaping the benefits of Puerto Rico’s Act 22. This law exempts new Puerto Rican residents from federal […]

There still may be time to reduce your small business 2023 tax bill

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income If your business operates on a cash basis, you can significantly affect your amount of taxable […]

The Saver’s Credit

Are you familiar with the Saver’s Credit? It’s a special credit that helps offset part of the first $2,000 that low- and moderate-income workers contribute to IRAs, 401(k)s or similar workplace retirement plans. The maximum credit is $1,000 ($2,000 for married couples). It can increase a taxpayer’s refund or reduce the tax owed. Eligible taxpayers […]

Using QuickBooks to prepare 2024 budgets and forecasts

As year end nears, many businesses and nonprofits are planning for 2024. QuickBooks® provides budget and forecast features to help management make financial predictions, as well as assess “what if” scenarios to help make more-informed business decisions. Here’s how you can use these tools for your year-end financial planning. Budgets vs. forecasts The budget function […]

3 key data inputs for a brand audit

Collection Due Process

Taxpayers who owe more taxes than they can currently pay can request a Collection Due Process (CDP) hearing, but they must follow the rules. One taxpayer received a deficiency notice for failing to report $387,000 of income, some of which represented premature retirement plan distributions before she was 59½. After ignoring the deficiency notices, she […]

National Tax Security Awareness Week

National Tax Security Awareness Week is here. As part of an effort to help reduce identity theft, the IRS and its partners will sponsor a week of press releases, social media posts and other communications. The week runs from Nov. 27 to Dec. 1, and is timed to make people aware of fraud threats during […]

Tax Extenders in 2023

Tax Extenders in 2023: Three Major Business Provisions and an Expanded Child Credit? https://bit.ly/3T7GkN0

IRS announces delay in the $600 1099-K reporting threshold

The IRS has announced a delay in releasing the $600 Form 1099-K reporting threshold for third-party settlement organizations. Calendar year 2023 will now be considered a transition year and third parties (including payment apps and online marketplaces) won’t be required to report transactions unless a taxpayer receives more than $20,000 and has more than 200 […]

US House members push back against proposed digital asset regulations

In a letter, a bipartisan group of U.S. House of Representatives members urged the U.S. Dept. of Treasury to revise proposed digital asset reporting regs released last August. The letter said the proposed regs “would inhibit innovation and harm the digital asset ecosystem, if finalized in its current form.” The proposed regs’ definitions of “broker” […]