Estimated Tax Payments

The IRS is reminding all businesses, including self-employed and gig workers, to make estimated tax payments quarterly. Individuals and businesses are required to pay taxes as income is earned or received throughout the year, either through withholding or estimated tax payments. That’s why those who are self-employed or in the gig economy usually need to […]

Syndicated conservations easements

IRS Commissioner Charles Rettig recently told a Senate hearing that despite his agency’s development of a comprehensive enforcement strategy to address abusive syndicated conservation easement transactions, the schemes persist. A U.S. House bill was introduced in 2021 to crack down on abuse of the charitable conservation-easement deduction, which is intended to help preserve public lands. […]

Tax Court Memo 2022-33

When taxpayers fail to timely file tax returns, the IRS may do it for them. One engineer had substantial income from various entities. For several years, he filed returns late or not at all and didn’t cooperate with the IRS. The IRS used third-party financial records to reconstruct his income and assess a tax liability. […]

An update to Small Business Week

National Small Business Week was last week and this year’s theme was “Building a Better America through Entrepreneurship.” With that in mind, the IRS is urging business owners to take advantage of certain tax benefits and resources while there’s still time. The enhanced 100% business meals deduction (up from 50%) for meals purchased from a […]

Filing the the nonprofit e-Postcard

Form 990-N (e-Postcard) is supposed to be filed with the IRS by tax-exempt organizations with annual gross receipts of $50,000 or less. If a nonprofit files its 990-N improperly, the IRS may consider the organization as having not filed. And nonprofits that don’t file for three consecutive years automatically lose their exempt status. The IRS […]

State Sales Tax Breadth and Reliance, Fiscal Year 2021

State Sales Tax Breadth and Reliance, Fiscal Year 2021 https://bit.ly/3KXzimd

Receive a letter from the IRS?

If you recently filed your tax return and then receive a letter from the IRS, don’t panic. The letter was most likely sent because your return contained an error, the IRS has made a change to your return or the agency needs more information. Simply follow instructions and promptly return any forms included in the […]

Happy Mother’s Day!

Best wishes on Mother’s Day to you…. May you spend this special day with your kids to make it a memorable day as a mom.

Non-fungible tokens

The Joint Chiefs of Global Tax Enforcement (J5) has issued a bulletin containing best practices for taxpayers who’ve purchased, or are planning to purchase, non-fungible tokens (NFTs). The J5 is a grouping of the tax agencies of the U.S., Canada, U.K., Netherlands and Australia. NFTs can be anything digital, including music, that can be considered […]

Health Savings Accounts

Health Savings Accounts (HSAs) are tax-advantaged savings accounts funded with pretax dollars. Funds can be withdrawn tax-free to pay for qualified medical expenses. An HSA must be coupled with a high-deductible health plan (HDHP). The IRS annually adjusts HSA and HDHP amounts based on inflation. For 2023, the HSA contribution amount for individuals is $3,850 […]