Retirement saving options for your small business: Keep it simple

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended […]

Update on the new Form 1099-K requirements

Can the IRS handle the influx of returns that the new Form 1099-K reporting requirements are expected to generate? Two Republican House Ways and Means Committee members have asked the Government Accountability Office to examine just that. Under the American Rescue Plan Act, third-party settlement organizations, such as PayPal, must file Forms 1099-K with the […]

Myths about filing tax returns

The IRS is on a mission to separate fact from fiction. Specifically, it wants to debunk common myths about filing tax returns, finding refund information and adjusting withholding. First a few facts about this year’s filing season: nine out of 10 refunds were issued within 21 days; as of March 31, the IRS had issued […]

Paperwork you can toss after filing your tax return

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely. But […]

New IRS ruling limits deduction and research and experimental expenses

According to a new IRS ruling, after July 31, 2023, businesses may no longer file refund claims or amended returns to deduct research or experimental expenses they failed to deduct in a prior year. The IRS’s reasoning is that Revenue Ruling 58-74 didn’t explain whether taxpayers consistently treated the costs of research and experimental expenses […]

Tennessee storm tax relief

The IRS has provided tax relief to victims of storms in Tennessee that began on March 31, 2023. Taxpayers in the disaster area now have until July 31, 2023, to file various tax returns and to make tax payments. Taxpayers who reside or have a business in the following counties qualify for this tax relief: […]

New-and-improved accounting rules for common control leases

On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The updated guidance clarifies issues that are relevant to rental agreements between businesses that have the same owner. Written vs. verbal leases Accounting Standards Update (ASU) No. 2023-01, Leases (Topic 842) Common Control Arrangements, explains how […]

Estimated Tax Payments Due soon

If you make estimated tax payments, be aware that April 18 isn’t just the 2022 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2023. Estimated tax payments are generally made by self-employed people, retirees, investors, businesses and others that don’t have taxes withheld from their income. The payments are […]

What does the FDIC usually cover?

With bank failures in the news recently you may be asking, “What does the FDIC usually cover?”

Can you deduct a blood donation?