Budget deficit continues to grow

The federal budget deficit is slowly creeping toward $1 trillion, according to the Congressional Budget Office (CBO). In its February Monthly Budget Review, the CBO reports that for the first five months of fiscal year 2024, the federal budget deficit hit $830 billion. That amount is $108 billion more than the deficit recorded during the […]

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Better tax break when applying the research credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you. But in addition to the credit itself, be aware that there are two additional features […]

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Foreign Account reporting due soon

Do your assets include foreign bank and financial accounts? You may need to file an annual Report of Foreign Bank and Financial Accounts (FBAR) by April 15, depending on the details. Those who must file are taxpayers that have foreign financial accounts where the aggregate value of all such accounts exceeds $10,000 at any time […]

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US Tax Court rules against taxpayer

To limit tax trouble, follow the rules. One taxpayer was the sole shareholder of a limited liability company (LLC) when the IRS assessed a harsh penalty for the LLC’s unpaid tax. She sought a refund, claiming that the penalty was assessed outside the statute of limitations. The IRS noted that the statute of limitations hadn’t […]

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