May is National Wildfire Awareness Month and it also includes National Hurricane Preparedness Week. To help individuals, businesses and organizations prepare in case they become victims of a natural disaster, the IRS has issued some helpful tips. Make extra copies of key documents, such as Social Security cards, birth certificates and deeds. Secure the originals […]
Read More National Wildfire Awareness MonthWhether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction The net operating loss (NOL) deduction addresses the tax inequities that can […]
Read More Use the tax code to make business losses less painfulHave you ever discovered an overlooked deduction on a federal tax return that has already been filed? Or did you ever realize that you didn’t report income or reported too much? An amended tax return may be the answer. Amended returns generally must be filed within three years from the date you filed the original […]
Read More Do I need to amend my tax return filing?Taxpayers who make charitable donations to tax-exempt organizations may be able to claim a deduction on their federal tax returns. However, to receive the deduction, you must donate to “qualified” organizations. To learn if the organization you’d like to make a donation to is eligible to receive tax-deductible charitable contributions, use the IRS’s Tax Exempt […]
Read More Can I claim a charitable donation on my tax return?If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. When will your refund arrive? The IRS has […]
Read More Questions you may still have after filing your tax returnCertain victims of severe winter storms, straight-line winds, flooding, landslides and mudslides in California have received tax relief from the IRS. The weather disaster began on Feb. 21, 2023, and the IRS announced that the victims now have until Aug. 15, 2023, to file various individual and business tax returns and make tax payments. Following […]
Read More California storm reliefService industry businesses need to know about the new Service Industry Tip Compliance Agreement (SITCA) program. This program allows covered employers to voluntarily report to the IRS employee tip revenue based on information from their advanced point-of-sale, electronic payment and timekeeping systems. Why would your business volunteer to produce an annual tip report for the […]
Read More The new Service Industry Tip Compliance Agreement (SITCA) programMany businesses and nonprofits use QuickBooks® as a cost-effective solution to manage their accounting processes. However, the software’s capabilities extend beyond organizing and streamlining your company’s accounting. QuickBooks can also help you detect fraud. Here’s an overview of the software’s fraud detection and prevention features: Transaction audit trails QuickBooks creates audit trails that capture user […]
Read More How to use QuickBooks as a fraud detection toolIf your company has an educational assistance program, you can use it to help pay employees’ student loans from now until Dec. 31, 2025. Funds from your program may be used both for loan principal and interest, and payments can be made directly to lenders or employees. You can provide tax-free benefits of up to […]
Read More Educational Assistance ProgramsBeware of employee retention credit scams – Chattanooga Times Free Press https://bit.ly/3O1ei38
Read More Beware of employee retention credit scams
Our Blog 