California, Georgia and Alabama Disaster relief announced

Residents and business owners in federally declared disaster areas of California, Georgia and Alabama, take note: The IRS has extended the federal tax deadline to Oct. 16, 2023. (The previous deadline was May 15, 2023.) This extended relief applies to individuals, businesses, exempt organizations and farms that would usually file this spring. It also covers […]

There still may be time to make an IRA contribution for last year

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until this year’s April 18 filing deadline and benefit from the tax […]

COVID tax credits still available

Attention small business owners! Did you know that you may still be able to claim COVID-19 tax credits that were available to certain employers during the pandemic? Indeed, while the dates to claim COVID-19 credits have passed, it’s still possible for a small employer that previously filed Form 944 to file Form 944-X “Adjusted Employer’s […]

Eligibility for Tax Credits

The IRS’s first Chief Taxpayer Experience Officer, Ken Corbin, recently wrote an article highlighting what’s new and what to consider when filing your 2022 tax return. Among other things, Corbin states that filing a 2022 tax return, even when not required, could give you access to certain tax credits available only when filing a return. […]

Now hiring: 10 questions to ask bookkeeper candidates

Are you looking for someone to manage the books and records for your small business? Whether you’re operating a startup or an established business that recently lost its bookkeeper, hiring the right person for these tasks can be challenging. Selecting a candidate in today’s job market requires a rigorous process. It’s important not to be […]

A push to change the SALT deduction limit

A bipartisan coalition in the U.S. House of Representatives has renewed its push to lift the $10,000 cap on deducting state and local taxes (SALT) from federal tax returns. The cap was enacted in 2017 as part of the Tax Cuts and Jobs Act. It has mostly impacted higher-income property owners in states such as […]

IRS data leak in 2021 details emerging

What led to the “massive leak of confidential taxpayer information” at the IRS in June of 2021? That’s the question asked by House Ways and Means Committee Chair, Jason Smith (R-MO) in a letter to the Treasury Inspector General for Tax Administration (TIGTA). Smith stated that the leak to media outlet ProPublica was referred to […]

What is an ordinary business expense?

Business owners can generally deduct the ordinary and necessary expenses of operations. Tax law defines an expense as “ordinary” if the transaction is common for the type of business and “necessary” if it’s helpful in conducting the business. Courts also look at the primary motive for incurring costs. In one case, an attorney argued that […]

Spy Balloons. U.F.O.s. What Else Is Up There?

And now for something completely different, but interesting.Spy Balloons. U.F.O.s. What Else Is Up There? https://nyti.ms/3xTnptf

A new twist on an old “romance” scam