5 steps to trimming your company’s inventory

AICPA supports extending mailbox rule to electronic filing

AICPA supports extending mailbox rule to electronic filing and … – Journal of Accountancy https://bit.ly/3MntcPM

Energy Tax Credits for Home Owners

Have you recently made energy efficient updates to your home? The IRS is reminding homeowners that they may qualify for expanded home energy tax credits under the Inflation Reduction Act. Specifically, the Energy Efficient Home Improvement Credit may provide a tax credit of up to $3,200 for homeowners who made qualified energy efficient improvements after […]

IRS Small Business Update

If you’re a small business owner, you may soon see better interactions with the IRS. The agency has announced improvements to phone service, in-person interactions and online options for small business owners. Specifically, the IRS has launched an online portal for businesses to file Form 1099 information returns electronically and announced it will soon offer […]

How America’s Debt Problem Compares to Other Countries—and Why It Matters

How America’s Debt Problem Compares to Other Countries—and Why It Matters https://bit.ly/44XqO9K

Dispensary loses appeal

A petition for review was filed with the U.S. Supreme Court in a case involving a Colorado marijuana dispensary. Earlier this year, the U.S. Appeals Court for the 10th Circuit ruled against the dispensary, stating that an IRS summons seeking information about the business was properly granted. The case stems from the fact that marijuana […]

WOTC credits help small businesses

Some groups of people face bigger challenges than others when looking for work. At the same time, many employers are struggling to fill jobs. The IRS is reminding businesses of the Work Opportunity Tax Credit (WOTC) that may answer both needs. The WOTC is a valuable one-time credit for each new hire from a group […]

Small businesses brace for ‘catastrophic’ scenario from looming debt ceiling crisis

Small businesses brace for ‘catastrophic’ scenario from looming debt ceiling crisis – NBC News https://bit.ly/3BfMvUO

Energy Credits may reduce your tax bill

Small business owners: The Inflation Reduction Act contains provisions that may help you reduce taxes and energy costs. For example, small businesses usually are eligible to claim a tax credit worth 30% of the cost of switching to solar power. In addition to this tax break, switching to solar can lower a company’s operating costs […]

Student-Athletes must report income

A recent Taxpayer Advocate Service blog post reminds student-athletes that the income some of them are now receiving comes with tax responsibilities. In 2021, the National Collegiate Athletic Association adopted the Interim Name, Image, and Likeness (NIL) Policy, which enables student-athletes to personally profit from their sports prowess and fame. However, NIL income, including non-cash […]