On June 26, 2023, U.S. Senate Finance Committee Chair Ron Wyden (D-OR) introduced two bills that would cut the PGA Tour’s tax breaks now that it’s merging with the Saudi Public Investment Fund (PIF). Currently, the PGA Tour is classified as a tax-exempt 501(c)(6) organization. The proposed Sports League Tax-Exempt Status Limitation Act would modify […]
Read More Bill introduced to cut PGA Tour’s tax breaksAn estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to […]
Read More Pocket a tax break for making energy-efficient home improvementsIRS Commissioner Danny Werfel recently said that the IRS is shifting its efforts after successfully clearing the backlog of valid Employee Retention Credit (ERC) claims. The agency will now focus its efforts on compliance work and putting in place additional procedures to handle fraudulent ERC claims. The ERC was enacted to help businesses during the […]
Read More IRS clears backlog of ERC claimsIf you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might […]
Read More The advantages of using an LLC for your small businessRepublicans in the U.S. House of Representatives and the U.S. Senate are sponsoring a bill, dubbed the Providing for Life Act, that includes an expansion of the Child Tax Credit (CTC). Specifically, the bill would expand the CTC to up to $3,500 per child under age 18 and $4,500 per child under age six, make […]
Read More Enhanced Child Tax Credit in bill moving thru House and SenateThe accounting profession is facing a talent crisis. The U.S. Bureau of Labor Statistics estimates that roughly 17% of U.S. accountants and auditors have left their jobs over the past two years, leaving some open positions unfilled for many months. And the American Institute of Certified Public Accountants (AICPA) estimates that 75% of CPAs have […]
Read More Start cross-training your accounting team todayImproper payments made by the IRS for emergency assistance programs are under fire. A report from the nonpartisan Government Accountability Office (GAO) notes that Congress and federal agencies must prevent and reduce payment errors, including fraud. These failures occurred in various disaster programs before COVID-19 hit and contributed to costly errors in the pandemic-related Economic […]
Read More IRS under fire for improper paymentsSave Big on Back-to-School Shopping With Sales Tax Holidays This … – CNET https://cnet.co/3KvPeie
Read More Save Big on Back-to-School Shopping With Sales Tax Holidays This WeekendSelling an investment? Don’t forget capital gains tax!
Read More Selling an investment? Don’t forget capital gains tax!Missouri’s Back-To-School tax-free weekend is this weekend – KMOV4 https://bit.ly/3OmXVfN
Read More Missouri’s Back-To-School tax-free weekend is this weekend
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