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 […]

Small businesses brace for ‘catastrophic’ scenario from looming debt ceiling crisis

Small businesses brace for ‘catastrophic’ scenario from looming debt ceiling crisis – NBC News https://bit.ly/3BfMvUO

Energy Credits may reduce your tax bill

Small business owners: The Inflation Reduction Act contains provisions that may help you reduce taxes and energy costs. For example, small businesses usually are eligible to claim a tax credit worth 30% of the cost of switching to solar power. In addition to this tax break, switching to solar can lower a company’s operating costs […]

Student-Athletes must report income

A recent Taxpayer Advocate Service blog post reminds student-athletes that the income some of them are now receiving comes with tax responsibilities. In 2021, the National Collegiate Athletic Association adopted the Interim Name, Image, and Likeness (NIL) Policy, which enables student-athletes to personally profit from their sports prowess and fame. However, NIL income, including non-cash […]

Florida storm relief

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, […]

Are Disability payments received taxable?

You 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 […]

Employment Taxes

Employers 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 […]

IRS highlights resources

April 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 […]