The IRS reports that it has collected $482 million in its ongoing efforts to recoup taxes owed by 1,600 millionaires. This is part of the agency’s initiative to expand investigation of tax abuse by complex partnerships, large corporations and high-income taxpayers. The IRS is working “to reverse the historic low audit rates and limited focus […]
Read More IRS reports on collectionsAs part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22) and the U.S. Department of Labor […]
Read More Should your business offer the new emergency savings accounts to employees?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 […]
Read More When do I report the receipt of a Digital Asset?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 […]
Read More Best practices for M&A due diligenceSenate 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 […]
Read More The Tax Relief for American Families and Workers ActIRS has started simplifying millions of complicated taxpayer notices ahead of the filing season – CNBC https://bit.ly/3UaNuk2
Read More IRS has started simplifying millions of complicated taxpayer notices ahead of the filing seasonDeducting advertising costs for businesses
Read More Deducting advertising costs for businessesBusiness 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 […]
Read More It is ordinary and necessary?State Corporate Income Tax Rates and Brackets, 2024 https://bit.ly/490FxSQ
Read More State Corporate Income Tax Rates and Brackets, 2024With 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, […]
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