2023

We wanted to share an informative CPA Practice Advisor article with you that delves into the taxation of retirement income. It’s essential to be aware of these considerations as they can significantly impact your financial planning during retirement. Required Minimum Distributions (RMDs): RMDs for traditional IRAs and

We wanted to bring to your attention an essential development in the realm of cryptocurrency taxation that may affect some of you. According to a recent CPA Practice Advisor article, there has been a noticeable increase in individuals buying and selling digital assets like Bitcoin and Ethereum.

Taxpayers who make home energy improvements starting in 2023 may be able to take advantage of tax credits for a portion of the qualifying expenses. The credit amounts were increased, and the types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Who can

The Inflation Reduction Act of 2022 (IRA) changed the Clean Vehicle Tax Creditfor qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles. Before purchasing a clean vehicle, we encourage you to confirm the following items to ensure it qualifies for a tax credit: Qualified Manufacturer

Businesses receiving over $10,000 in cash must report transactions to the U.S. government. Information reported on Form 8300 can help uncover tax evaders, criminals profiting from the drug trade, and others committing potentially criminal conduct. Beginning Jan. 1, 2024, businesses that file 10 or more information returns

The Internal Revenue Code is littered with tax credits available to taxpayers, both individuals and businesses.  A tax credit is a dollar-for-dollar reduction of tax rather than a deduction.  The following summarizes some of the most used Business Federal tax credits available.  Additional detailed qualifications should be

We wanted to bring to your attention an essential update from the Internal Revenue Service (IRS) regarding educational assistance programs that can assist employees in paying off their student loans. Under federal law, this initiative allows employers with educational assistance programs to use them to benefit their

Considering recent developments in tax compliance, we wanted to provide you with necessary information regarding the IRS’s increased scrutiny of Employee Retention Credit (ERC) claims, a topic of significant concern for businesses. The ERC, established as part of pandemic relief efforts, is a valuable tax credit designed

For our clients who pay quarterly estimated tax payment vouchers, this is a friendly reminder the next payment is due on or before September 15, 2023.  If there has been any changes in your 2023 taxable income projections, let us know as soon as possible to determine

Many business owners are trying to strategize to lower their tax bill. Have you ever considered hiring your children? Though it sounds easy to add your children to payroll; there are also important IRS rules to follow. The article linked below addresses on: 🏦 Tax Advantages Learn