Business owners can generally deduct ordinary and necessary costs of doing business if they can prove them. One man faced a slew of issues including claims for business deductions such as rent, insurance and...

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Since July 2023, the IRS has taken a series of actions in response to what it has termed a “flood of ineligible claims” for the Employee Retention Tax Credit (ERTC). Most recently, it launched...

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With the arrival of 2024, employers can opt to offer their employees pension-linked emergency savings accounts (PLESAs). Authorized by the SECURE 2.0 Act, these are individual accounts within a defined benefit plan, though participation...

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As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back money they received after filing...

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Do you owe estimated taxes for 2023? Be aware, the deadline to make your final payment is today, Jan. 16, 2024. Many taxpayers who should be paying taxes this way overlook this important task....

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One of the most common misunderstandings about filing an income tax return is the difference between deductions and credits. Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on...

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Now that Jan. 29 has been announced as the start of the 2024 tax season, the IRS is reminding taxpayers about free tools that can make filing easier. It strongly encourages taxpayers to set...

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Mark your calendar for Jan. 29! The IRS announced that’s the date the 2024 tax season opens, meaning it’s the first day the tax agency will accept tax returns. It expects more than 128.7...

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The IRS is reminding businesses required to file information returns of a significant rule change that went into effect on Jan. 1: The threshold for electronically filing most information returns dropped from 250 to...

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The IRS attributes approximately $80 billion in unpaid taxes to sole proprietors underreporting their incomes each year. That’s according to a recent Government Accountability Office (GAO) report. The $80 billion comprises 16% of the...

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