What’s your emergency plan?

Is there an emergency plan in place for your business? As Americans deal with hurricanes and other disasters, the IRS is reminding them to prepare. Update, secure and duplicate essential tax and financial documents. You may need them to support insurance claims or apply for tax benefits. Compile lists of business equipment and belongings. IRS.gov […]

Starting a business?

Many people dream of being their own bosses. If you’re hoping to launch a business, get off to a strong start by making good decisions. For example, which business structure will you use (such as a sole proprietorship, partnership or corporation)? This decision will affect the taxes you pay. Another decision is whether to operate […]

Did you pay your payroll taxes?

Recent legal action serves as a reminder to businesses: Take payroll tax administration responsibilities seriously. The Oklahoma- and Virginia-based owners of a mental health counseling services company pleaded guilty to failing to file required quarterly employment tax returns and pay over the full amounts they withheld from employee paychecks. The guilty parties admitted that over […]

IRS error results in notices

The IRS is alerting employee benefit plan sponsors that they might erroneously receive penalty notices for late or incomplete filing. This is due to a programming problem that the tax agency has since repaired. So long as plan sponsors filed a 2022 Form 8955-SSA in full and on time, they can ignore CP 283-C notices […]

FAQs released on Schedules K-2 & K-3

In late 2021, the IRS released new tax forms that should be added to the tax returns of pass-through entities to report certain international income, deductions and credits. The IRS’s goal with Part II of Schedules K-2 and K-3 was to provide more transparency to how pass-through entities calculate their U.S. income tax liability from […]

National Preparedness Month

If you didn’t know, September is National Preparedness Month. The IRS is reminding taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2023. In light of several extreme weather events this year and the arrival of peak hurricane season, it’s advice worth taking. Key steps to take […]

Do you qualify for a clean vehicle tax credit?

The IRS has updated the rules to qualify for a clean vehicle (CV) tax credit. Before you buy, be sure the vehicle was made by a qualified manufacturer and meets other conditions. Manufacturers must have an approved agreement with the IRS whereby they supply valid vehicle ID numbers of qualifying vehicles, which can be matched […]

Estimate payments due

Mark your calendars for this important date, Sept. 15, if you must make quarterly estimated tax payments. That’s the due date for the third estimated tax payment for 2023. Who must pay estimated tax? Generally, those who have taxable income that isn’t subject to withholding must make payments if they expect to owe tax of […]

Enhanced Tax credits can be claimed by certain clean energy companies

As part of the Inflation Reduction Act (IRA), clean energy companies that satisfy certain prevailing wage and registered apprenticeship (PWA) requirements can claim enhanced tax credits and deductions. The IRS and U.S. Treasury Dept. have announced proposed guidance to help qualified businesses claim the tax benefits, including taxpayers that initially failed to satisfy the PWA […]

Florida Tax relief granted

The IRS is granting tax relief to Florida taxpayers affected by Hurricane Idalia. After President Biden declared 46 Florida counties disaster areas, the IRS extended filing and payment deadlines for impacted individuals and businesses. For deadlines on or after Aug. 27, 2023, and before Feb. 15, 2024, taxpayers must now file or pay by Feb. […]