When do I report the receipt of a Digital Asset?

The IRS is informing businesses that they don’t have to report the receipt of digital assets the same way they report the receipt of cash until the IRS issues final regulations. The Infrastructure Investment and Jobs Act (IIJA) revised the rules requiring taxpayers engaged in a trade or business to report receiving cash of more […]

Best practices for M&A due diligence

Engaging in a merger or acquisition (M&A) can help your business grow, but it also can be risky. Buyers must understand the strengths and weaknesses of their intended partners or acquisition targets before entering the transactions. A robust due diligence process does more than assess the reasonableness of the sales price. It also can help […]

The Tax Relief for American Families and Workers Act

Senate Finance Committee Chair Ron Wyden (D-OR) and House Ways and Means Committee Chair Jason Smith (R-MO) have announced a $78 billion bipartisan bill dubbed the Tax Relief for American Families and Workers Act. It includes several tax-related changes. For example, it would temporarily expand the Child Tax Credit and enable more taxpayers to benefit […]

IRS has started simplifying millions of complicated taxpayer notices ahead of the filing season

IRS has started simplifying millions of complicated taxpayer notices ahead of the filing season – CNBC https://bit.ly/3UaNuk2

Deducting advertising costs for businesses

It is ordinary and necessary?

Business owners can generally deduct ordinary and necessary costs of doing business if they can prove them. One man faced a slew of issues including claims for business deductions such as rent, insurance and utilities, supported only by bank records and profit and loss statements. The IRS called these documents unreliable and insufficient. He also […]

State Corporate Income Tax Rates and Brackets, 2024

State Corporate Income Tax Rates and Brackets, 2024 https://bit.ly/490FxSQ

Pension-linked emergency savings accounts

With the arrival of 2024, employers can opt to offer their employees pension-linked emergency savings accounts (PLESAs). Authorized by the SECURE 2.0 Act, these are individual accounts within a defined benefit plan, though participation in the defined benefit plan isn’t required. PLESAs are designed to encourage saving for emergencies, with a maximum balance of $2,500, […]

There’s a new threshold for electronically filing information returns

Does your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. The threshold for electronically filing most information returns has dropped from 250 to 10. Before the […]

Beneficial Ownership reporting

New rules that require companies to report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) went into effect on Jan. 1, 2024. The rules aim to promote corporation transparency, and the Treasury Department generally doesn’t expect the filing process to unduly burden businesses. According to Treasury Secretary Janet Yellen, […]