Shareholder advances: Debt or equity?

From time to time, owners of closely held businesses might need to advance their companies money to bridge a temporary downturn or provide funds for an expansion or another major purchase. How should those advances be classified under U.S. Generally Accepted Accounting Principles (GAAP)? Depending on the facts and circumstances of the transaction, an advance […]

Year-end tax planning season is here

Year-end tax planning season is here. The up-and-down financial markets this year may provide you the opportunity to harvest your losses. This tried-and-true tax strategy may be an option if you’ve realized adjusted net capital gains and are now facing a high tax bill as a result. To soften the tax blow, review your portfolio […]

IRS grants tax relief for most California residents and businesses

The IRS has granted most California residents and businesses extra time to file their 2022 taxes and pay any tax due. During the past year, 55 of California’s 58 counties have been declared federal disaster areas. Indeed, all counties except Lassen, Modoc and Shasta qualify for the tax filing relief. Affected taxpayers now have an […]

How much can businesses deduct per business mile driven?

FinCEN announces filing relief for taxpayers affected by events in Israel

The U.S. Dept. of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced filing relief for taxpayers affected by the terrorist attacks in Israel. Certain taxpayers must annually report their foreign financial accounts to the U.S. Treasury by filing Reports of Foreign Bank and Financial Accounts (FBARs) on FinCEN Form 114. Specifically, U.S. taxpayers must […]

Lifetime Learning credit can be used for educational expenses

If you’re looking to upgrade job skills, possibly to qualify for a higher-paying position, don’t overlook the Lifetime Learning credit (LLC). Unlike with the American Opportunity Tax Credit, you don’t need to be pursuing a degree or credential to claim an LLC of up to $2,000 a year (calculated as a 20% match of as […]

Tax relief for individuals and businesses affected by events in Israel

Taxpayers affected by recent events in Israel may qualify for tax relief, according to a new IRS notice. Affected individuals and businesses will have until Oct. 7, 2024, to file returns and make payments that originally were due on or after Oct. 7, 2023, and before Oct. 7, 2024. This includes 2022 returns that qualified […]

IRS says it got $122 million in taxes from millionaires

IRS says it got $122 million in taxes from millionaires – Business Insider https://bit.ly/46Vwp0D

IRS unveils ‘special withdrawal process’ for small businesses that claimed pandemic-era tax credit

IRS unveils ‘special withdrawal process’ for small businesses that claimed pandemic-era tax credit – CNBC https://bit.ly/45T72vD

IRS issues revised tax gap estimates

The IRS has issued a new “tax gap” projection for tax years 2020 and 2021. It shows the projected gross tax gap increased to $688 billion in tax year 2021, a “significant jump from previous estimates,” according to the IRS. The gap is estimated to decrease by $63 billion on 2021 returns when accounting for […]