The IRS has provided tax relief to victims of storms in Florida that occurred from April 12 through April 14, 2023. Specifically, taxpayers who reside or have a business in Broward County qualify for this tax relief. Other counties may be added. The relief postpones various tax filing and payment deadlines starting on April 12, […]
Read More Florida storm reliefYou must report as income on your tax return any amount you receive for a disability through an accident or health insurance plan paid for by your employer. If you paid the entire cost of a health or accident insurance plan, you don’t have to include amounts you receive for your disability as income. In […]
Read More Are Disability payments received taxable?If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic rules and IRS clarifications You can claim an itemized deduction for qualified medical expenses that exceed […]
Read More The IRS clarifies what counts as qualified medical expensesEmployers who willfully fail to collect or pay over employment tax face a maximum penalty of five years in prison and a steep fine. In a recent case, a Cincinnati, OH, restaurateur was arrested for that crime. According to court documents, from 2016 through 2018, the man withheld payroll taxes from his employees but failed […]
Read More Employment TaxesApril 30 through May 6 was National Small Business Week. That’s why the IRS is highlighting some available resources for America’s small business owners. For those just starting out, a key task is to obtain an employer identification number (EIN), which is free and can be quickly obtained on IRS.gov. An EIN will be used […]
Read More IRS highlights resourcesGenerally Accepted Accounting Principles (GAAP) is generally considered the gold standard in financial reporting in the United States. But private and public entities may sometimes use non-GAAP metrics in their disclosures and press releases or when applying for financing. GAAP vs. Non-GAAP GAAP is a set of rules and procedures that accountants typically follow to […]
Read More Reporting non-GAAP measuresWhen taxpayers face digital asset losses, how do they affect their tax obligations? That’s a good question. In seeking answers, the American Institute of CPAs (AICPA) has issued a statement asking for clarity from the IRS. “Taxpayers and their advisors need clear guidance to accurately calculate their losses and properly meet their tax obligations and […]
Read More How do digital asset loses affect tax obligations?He’s trying to fix the IRS and has $80 billion to play with. This is his plan – NPR https://bit.ly/44vRYV3
Read More The plan to fix the IRSTax implications of financial gifts to family and friends
Read More Tax implications of financial gifts to family and friendsMovies can be a great way to learn how financial topics affect us all – Business Insider https://bit.ly/3VypxBS
Read More Movies can be a great way to learn financial topics
