Is this from the IRS?

Identity thieves may contact taxpayers through fraudulent telephone calls, emails, texts or social media messages pretending to be the IRS. To reduce the chances of identity theft, the IRS has published tips to help taxpayers know when the IRS is actually contacting them. The first step the IRS typically takes is mailing a letter. If […]

It’s important to understand how taxes factor into M&A transactions

In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock […]

IRS releases ERTC red flags

The IRS is continuing to warn businesses about aggressive marketing by nefarious actors involving the Employee Retention Tax Credit (ERTC). It has suspended the processing of ERTC claims until at least year end because of a spike in the number of fraudulent claims. The IRS has now issued a series of red flags businesses should […]

US federal budget soars

The U.S. federal budget deficit will double this year, excluding student loans, according to the August report from the Congressional Budget Office. The widening deficit is due to a 3% rise in spending and a 10% decline in federal tax receipts. Spending increases include higher interest on the national debt and higher Social Security, Medicare […]

Evaluate whether a Health Savings Account is beneficial to you

With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are four tax benefits: Contributions made to […]

Will there be a shutdown?

If Congress fails to strike a spending deal and the U.S. government shuts down on Oct. 1, 2023, hundreds of thousands of federal workers will be furloughed. Originally, the IRS said it would remain fully staffed and operate normally, no matter what happens. However, the tax agency is now working on new contingency plans, which […]

IRS pauses on processing ERC Claims

Amid urgent concerns about scams, the IRS has immediately halted acceptance of new claims for the Employee Retention Credit (ERC), at least through year end. IRS Commissioner Danny Werfel has seen a flood of reports from tax pros and others, stating that many new claims are ineligible. To reduce the chances of fraud, previously filed […]

FASB finalizes new crypto standard in record time

On September 6, the Financial Accounting Standards Board (FASB) unanimously voted to finalize new accounting rules on cryptocurrency assets — less than five months after the proposed standard was issued for public comment. Here’s what companies that hold these assets should know. Need for change The updated guidance is the first explicit accounting standard on […]

Keep good records of your cryptocurrency transactions

As the IRS begins compliance work on cryptocurrency transactions, taxpayers who participate in them should prepare their documentation for scrutiny. You need to keep good crypto activity records because you may not be able to rely on your transaction platform to provide that data. However, some platforms, such as Coinbase, send Form 1099s to customers […]

IRS issues estimate reminder

The IRS is reminding self-employed people, gig workers, retirees and others who make estimated tax payments that their third quarter deadline was Sept. 15, 2023. You should make estimated payments if you expect to owe at least $1,000, after subtracting for withholding and credits, in 2023. Use the Tax Withholding Estimator at irs.gov to accurately […]