Tax Free Tips?

While campaigning for president, both former President Donald Trump and Vice President Kamala Harris say they will eliminate taxes on tips if elected. Trump, who made the campaign promise first, hasn’t released details about his plan, but he did suggest that it would eliminate federal income tax and payroll tax, including Social Security. Harris said […]

Digital Asset sales now reported on Form 1099-DA

In late June, the IRS issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. The regs require brokers to report certain sales that take place beginning in calendar year 2025. This will be done on Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The IRS has now issued […]

Educational Assistance Programs

Employers seeking to attract new recruits and retain talent should consider offering educational assistance programs to their employees. The plans aren’t new, but they temporarily offer greater flexibility in how they work. Through Dec. 31, 2025, the funds can be used to help employees pay their federal student loan debts. According to the U.S. Dept. […]

Do I qualify for the Dependent Care Credit?

If you incur daycare expenses for children or other dependents, you may qualify for a tax credit. The Child and Dependent Care Credit is available for expenses that allow you or your spouse to work or actively seek work. If eligible, you may be able to claim up to 35% of your expenses. The credit […]

Exceptions to the IRA Early Withdrawal Penalty

If you withdraw money from a traditional IRA before age 59½, you’ll generally owe income tax plus a 10% penalty on the amount. But there are exceptions, including if you withdraw the money to cover certain higher education costs or to buy a home (first-time homebuyer expenses up to $10,000). You can usually make penalty-free […]

BOI reporting due January 1, 2025

Many small U.S. business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. With this deadline fast approaching, FinCEN is increasing its educational efforts with events around the country where it explains who must report and how to do so. Instituted by the […]

IRS reopens Voluntary Disclosure Program to help businesses with problematic Employee Retention Credit claims

IRS reopens Voluntary Disclosure Program to help businesses with problematic Employee Retention Credit claims – IRS https://bit.ly/3X6MUVu

Residential Clean Energy Tax Credits popular with taxpayers

The Inflation Reduction Act extended and expanded certain residential and energy-efficient home energy tax credits. According to recently released statistics, these clean energy credits have proven to be popular. Indeed, the IRS reports that taxpayers have claimed more than $6 billion in credits on 2023 tax returns for residential clean energy investments (including solar electricity […]

ERTC processing resumes

The Employee Retention Tax Credit (ERTC) is back in the news after the IRS announced plans to resume processing 50,000 “low-risk” claims. Last fall, the tax agency announced a moratorium on processing claims submitted after Sept. 14, 2023. A subsequent review during the moratorium allowed the IRS to move into this new stage with more […]

School-time is back

Summer is winding down and a new school year is ramping up. Teachers and other educators have been working hard to prepare their classrooms before the new year begins. Qualified educators can deduct up to $300 of unreimbursed expenses on their 2024 tax returns. Married educators who file joint returns can deduct up to $600, […]