State Tax Ballot Measures to Watch in 2024 https://bit.ly/3zmTM84

Harris tax proposal

U.S. Democratic presidential nominee Kamala Harris recently announced that if elected, she’ll push for a higher tax deduction for new business costs. Currently, companies can deduct $5,000 in start-up costs, including expenses related to market research, advertising and salaries for employees who are being trained. To help encourage entrepreneurs, Harris says she’ll work to raise […]

Next year the reporting threshold for card payments resets to $600

IRS Form 1099-K, Payment Card and Third Party Network Transactions, is an information return that reports payments from payment apps or online marketplaces (also known as third-party settlement organizations). These include apps such as Paypal, Venmo and eBay. For 2024, the reporting threshold is $5,000. In 2025, the threshold is scheduled to be reduced to […]

IRS waives penalties related to CAMT

The Inflation Reduction Act established a corporate alternative minimum tax (CAMT), which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations. The CAMT generally applies to large corporations with average annual AFSI exceeding $1 billion. Newly proposed regulations from the IRS provide definitions and general rules for determining and […]

Selling your residence?

The residential real estate market is surging in many areas. If you’re considering selling your principal home, keep in mind that you might owe taxes on the profit, especially if you’ve lived there a while. Here are two ways you may be able to reduce your taxable gain: 1) List the eligible costs when you […]

Recieve a notice from the IRS?

Let’s say you receive an IRS collection notice. What should you do? Don’t panic, but don’t ignore the letter. The National Taxpayer Advocate warns that ignoring the notice can make the situation worse and more expensive. First, confirm the accuracy of the notice using an online account at https://bit.ly/4en0t8W. This will allow you to see […]

Newly retired military members encouraged to check their withholding

A warning for newly retired military members: If you have military retirement pay and take a civilian job, you may be pushed into a higher federal tax bracket, particularly if your spouse also works. To help prevent a big tax bill, complete Form W-4P before you retire to designate how much should be withheld from […]

Incentives for Pension Participation

Encouraging some employees to participate in work-based tax-advantaged retirement savings plans can be challenging. That’s why the SECURE 2.0 Act enabled employers to offer de minimis financial incentives (such as gift cards that don’t exceed $250) to workers who contribute to 401(k) or 403(b) plans. The IRS is reminding employers that incentives can’t be paid […]

IRS identifies Five ERTC claim red flags

Incorrect ERC? IRS Points to Five New Red Flags – Kiplinger’s Personal Finance https://bit.ly/3MIDuJZ

Do you need to make an estimated tax payment?

IRS: This ‘rule of thumb’ shows who needs to make a third-quarter estimated tax payment by Monday – CNBC https://bit.ly/3AXa6Nd