Qualified Educators may deduct $300 of unreimbursed expenses

For many students, the school year is winding down and summer vacations are beginning. Teachers often use this time to add up the expenses they incurred over the previous year. To help offset some of these costs, qualified educators may deduct up to $300 of unreimbursed expenses on their 2023 tax returns. Qualified expenses include […]

Bill introduced to change estimated tax installment due dates

A bipartisan bill was recently introduced in the U.S. House of Representatives that would move estimated tax deadlines to a quarterly basis. The Tax Deadline Simplification Act would establish that estimated tax installments for individuals, businesses, estates and trusts are due 15 days after the end of each quarter. The revised deadlines would be the […]

Is QuickBooks right for your nonprofit?

Not-for-profit organizations exist to achieve nonfinancial or philanthropic goals, not to make money or build value for investors. But they still need to monitor their financial health — that is, how much funding is coming in from donations and grants and how much the organization is spending on payroll, rent and other operating expenses. Many […]

Tax Court rules in favor and abates penalties

The U.S. Tax Court ruled in favor of an elderly attorney, whose failure to meet tax obligations was found to be due to reasonable cause, not willful neglect. After a long record of diligence, the attorney suffered severe health issues, forcing him to rely on his assistant to manage office duties. He was unaware that […]

SCOTUS denies petition to review involving dispensary

The U.S. Supreme Court announced that it has denied a petition for review filed in a case involving a Colorado marijuana dispensary. In a long legal battle, the U.S. Appeals Court for the 10th Circuit ruled against the dispensary earlier this year, stating that an IRS summons seeking information about the business was properly granted. […]

IRS addresses whether paid student-athletes serve a tax exempt purpose

Two years ago, the National Collegiate Athletic Association adopted the interim name, image, and likeness (NIL) Policy. It enables student-athletes to personally be compensated for their sports ability and fame. In a new legal Advice Memorandum (2023-004), the IRS addressed whether developing NIL opportunities for college student-athletes serves a tax-exempt purpose. NIL “collectives” have been […]

Don’t Fall for Employee Retention Credit Scams

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Despite inflation, Americans are going on vacation

How Hard Do Distilled Spirits Taxes Bite in Your State?

How Hard Do Distilled Spirits Taxes Bite in Your State? https://bit.ly/468LXi4

Tax Cuts Proposed

Republican members of the U.S. House Ways and Means Committee have introduced multiple bills that total around $237 billion in tax cuts. One would extend and retroactively restore three expired business tax breaks from the Tax Cuts and Jobs Act that involve research spending, interest expenses and equipment purchases. The package would also introduce a […]