Can I claim a charitable donation on my tax return?

Taxpayers who make charitable donations to tax-exempt organizations may be able to claim a deduction on their federal tax returns. However, to receive the deduction, you must donate to “qualified” organizations. To learn if the organization you’d like to make a donation to is eligible to receive tax-deductible charitable contributions, use the IRS’s Tax Exempt […]

California storm relief

Certain victims of severe winter storms, straight-line winds, flooding, landslides and mudslides in California have received tax relief from the IRS. The weather disaster began on Feb. 21, 2023, and the IRS announced that the victims now have until Aug. 15, 2023, to file various individual and business tax returns and make tax payments. Following […]

The new Service Industry Tip Compliance Agreement (SITCA) program

Service industry businesses need to know about the new Service Industry Tip Compliance Agreement (SITCA) program. This program allows covered employers to voluntarily report to the IRS employee tip revenue based on information from their advanced point-of-sale, electronic payment and timekeeping systems. Why would your business volunteer to produce an annual tip report for the […]

Educational Assistance Programs

If your company has an educational assistance program, you can use it to help pay employees’ student loans from now until Dec. 31, 2025. Funds from your program may be used both for loan principal and interest, and payments can be made directly to lenders or employees. You can provide tax-free benefits of up to […]

Beware of employee retention credit scams

Beware of employee retention credit scams – Chattanooga Times Free Press https://bit.ly/3O1ei38

AICPA supports extending mailbox rule to electronic filing

AICPA supports extending mailbox rule to electronic filing and … – Journal of Accountancy https://bit.ly/3MntcPM

Energy Tax Credits for Home Owners

Have you recently made energy efficient updates to your home? The IRS is reminding homeowners that they may qualify for expanded home energy tax credits under the Inflation Reduction Act. Specifically, the Energy Efficient Home Improvement Credit may provide a tax credit of up to $3,200 for homeowners who made qualified energy efficient improvements after […]

IRS Small Business Update

If you’re a small business owner, you may soon see better interactions with the IRS. The agency has announced improvements to phone service, in-person interactions and online options for small business owners. Specifically, the IRS has launched an online portal for businesses to file Form 1099 information returns electronically and announced it will soon offer […]

How America’s Debt Problem Compares to Other Countries—and Why It Matters

How America’s Debt Problem Compares to Other Countries—and Why It Matters https://bit.ly/44XqO9K

Dispensary loses appeal

A petition for review was filed with the U.S. Supreme Court in a case involving a Colorado marijuana dispensary. Earlier this year, the U.S. Appeals Court for the 10th Circuit ruled against the dispensary, stating that an IRS summons seeking information about the business was properly granted. The case stems from the fact that marijuana […]