Get a jump start on tax season

Would you like to get a jumpstart on your 2024 federal tax return? You can create or access an IRS Online Account (https://bit.ly/4fpNBjW ) to review your historical tax records, request a personal identification number and view any new tax information. In addition, start gathering tax records, including relevant receipts and invoices. You’ll want to […]

Get a handle on how accounting and tax profitability metrics differ

The pretax (accounting) profit that’s reported on your company’s income statement is an important metric. Lenders, investors and other stakeholders rely on pretax profits to evaluate a company’s financial performance. However, business owners also need to keep their eyes on taxable income to optimize tax outcomes and manage cash flow effectively. Here’s an overview of […]

House passes bill to fight terrorism

The U.S. House of Representatives passed legislation that would give the Treasury Dept. authority to strip the tax-exempt status of nonprofit organizations it claims support terrorism. According to the Congressional Research Service, the Stop Terror-Financing and Tax Penalties on American Hostages Act would create a new category of “terrorist supporting organizations.” Any organization the Treasury […]

Should you help your employees save for college?

ERTC Voluntary Disclosure Program update

The IRS’s second Voluntary Disclosure Program for employers who claimed improper COVID-related credits ended Nov. 22. However, certain programs for businesses with Employee Retention Tax Credit (ERTC) claims that haven’t been processed remain open. The Claim Withdrawal Program is available for businesses that request the IRS not process ERTC claims that haven’t yet been paid. […]

Beware of Scams

Business owners who are preparing to file Beneficial Ownership Information (BOI) reports by Jan. 1, 2025, should be alert. The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is warning of scams designed to steal sensitive information by targeting BOI filers. Scammers may reference fake forms, such as “Form 4022” or “Form 5102,” or they […]

It’s not too late to trim your 2024 taxes

As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors. Indeed, many of the Tax Cuts and Jobs Act provisions are set to expire at the end of 2025, absent congressional action. […]

Feeling charitable?

If charitable giving is on your mind, consider a tax reduction strategy called “bunching.” Only donations to IRS-approved charities are deductible, and only if you itemize. However, itemizing is less common since the standard deduction nearly doubled (for 2018-2025, unless extended by Congress). Bunching may allow you to benefit from the standard and itemized deductions […]

SCOTUS declines to review bankruptcy case

The U.S. Supreme Court has declined to review a decision in which a taxpayer who filed for Chapter 7 bankruptcy sought to discharge his tax liabilities. According to the Bankruptcy Code, tax debts are dischargeable only if a debtor has filed a “return.” This taxpayer, however, didn’t file timely IRS returns for any of the […]

Now what? Assessing the likely tax impacts of the 2024 election

President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified GOP Congress is poised to help him notch early legislative tax victories. (Republicans have won back a majority in the U.S. Senate and are projected […]