Innocent spouse relief

Spouses who file joint federal tax returns are both generally liable for the tax owed. But joint filers may be eligible for “innocent spouse” relief that shields them from liability. In one case, the wife of a real estate professional was found to have limited knowledge of her husband’s financial affairs. She lacked access to […]

National Wildfire Awareness Month

May is National Wildfire Awareness Month and it also includes National Hurricane Preparedness Week. To help individuals, businesses and organizations prepare in case they become victims of a natural disaster, the IRS has issued some helpful tips. Make extra copies of key documents, such as Social Security cards, birth certificates and deeds. Secure the originals […]

Do I need to amend my tax return filing?

Have you ever discovered an overlooked deduction on a federal tax return that has already been filed? Or did you ever realize that you didn’t report income or reported too much? An amended tax return may be the answer. Amended returns generally must be filed within three years from the date you filed the original […]

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 […]