Why some small businesses are switching to tax-basis reporting

Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity of today’s accounting rules — in particular, the updated lease guidance that went into effect last year — some private companies are seeking a simpler alternative to U.S. Generally Accepted Accounting Principles (GAAP). […]

File and Forget?

Do you file and forget? In other words, do you put taxes out of your mind as soon as you file your tax return? You shouldn’t. The IRS has published some action steps to take throughout the year that may affect the tax you owe or the refund you may receive next year. Begin by […]

Virtual currency lands in the IRS’s crosshairs

While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act, enacted in 2022, allocated $80 billion to the […]

Happy 4th of July!

“America was built on courage, on imagination and an unbeatable determination to do the job at hand.” -Harry S. Truman Wishing you a happy and safe 4th of July!

TIGTA completes audit of Child Tax Credit

The Treasury Inspector General for Tax Administration (TIGTA) has completed another audit of IRS processes for the 2021 advance Child Tax Credit (CTC). The American Rescue Plan Act enabled eligible taxpayers to receive up to one half of their estimated 2021 CTC in advance monthly payments for part of the year. As a result, the […]

Sources of Personal Income, Tax Year 2020

Sources of Personal Income, Tax Year 2020 https://bit.ly/3r8Bdjv

SCOTUS agrees to hear case on Tax Cuts and Jobs Act

The U.S. Supreme Court has agreed to hear a constitutional challenge to a tax established by the Tax Cuts and Jobs Act. The taxpayers, a married couple, owned shares in a controlled foreign corporation (CFC). This made them subject to the mandatory repatriation tax (MRT), which says that owners of 10% or more shares of […]

How High Are Beer Taxes in Your State?

How High Are Beer Taxes in Your State? https://bit.ly/3NB2wdO

Qualifying for the Work Opportunity Tax Credit

Test your Knowledge: Qualifying for the Work Opportunity Tax Credit

State Tax Changes Taking Effect July 1, 2023

State Tax Changes Taking Effect July 1, 2023 https://bit.ly/3NWg6tV