Article Highlights: Hurricane Helene Affected States. Who Qualifies for Relief. Filing and Payment Relief Relief Start Dates. Relief Period Ending Date. IRS Address of Record Address Outside the Disaster Area Additional Tax Relief Qualified Disaster Relief Payments The Internal Revenue Service has announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, […]
The surge in self-employment and small businesses during the COVID-19 pandemic led to millions of new entrepreneurs, many of whom had to quickly learn how to manage their finances, especially when it came to taxes and compensation. Now, nearly half a decade later, business owners in nearly all industries have discovered the benefits of working […]
Tax avoidance is a tale as old as, well, taxes themselves, with individuals and companies constantly seeking creative (and often strange) ways to reduce their liabilities. While most of us rely on accountants to help find wholly legal deductions, some schemes venture into truly bizarre territory, exploiting obscure loopholes in tax laws. From snail farms […]
October 2024 Individual Due Dates October 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 10. Your employer is required to withhold FICA […]
In the wake of the COVID-19 pandemic, the Employee Retention Credit (ERC) emerged as a vital financial lifeline for businesses. However, as the IRS intensifies its scrutiny of ERC claims, it has unveiled five new warning signs that businesses must heed to avoid costly mistakes. Understanding these red flags is crucial for maintaining compliance and […]
As Baby Boomer business owners approach retirement, planning for the future of their businesses becomes crucial. Succession planning is not just about finding a successor; it’s about ensuring the continuity and success of the business you’ve built. Here’s how you can prepare for a seamless transition. Start Succession Planning Early Initiating the succession planning process […]
As the vibrant colors of fall give way to the chill of winter, many businesses brace for the inevitable seasonal slowdown. Whether it’s the changing weather or the uncertainty of election cycles, these periods can pose significant challenges to maintaining a healthy cash flow. However, with strategic planning and proactive measures, businesses can navigate these […]
Article Highlights: Equitable Ownership Who Qualifies as an Equitable Owner? Tax Implications of Being an Equitable Owner Mortgage Interest Deduction Property Tax Deduction Examples of Equitable Ownership Examples Where Taxpayers Were Not Equitable Owners Equitable ownership refers to the situation where an individual possesses the benefits and burdens of ownership of a property, even though […]
Article Highlights: The Fundamental Differences The Perils of Misclassification Section 530 Relief The Role of Form SS-8 States Impact on Classification Navigating Misclassification In the evolving landscape of the modern workforce, the distinction between independent contractors and employees has become increasingly significant. This differentiation not only affects the way workers are managed and compensated but […]
Article Highlights Credit Percentage Specific Qualified Items and Per Item Annual Limits Components Subject To $1,200 Aggregate Credit Limit Components Subject To $2,000 Aggregate Credit Limit Annual Credit Limits, $1,200 vs. $2,000 Home Energy Audits Qualifying Homes 5-Year Requirement Basis Adjustment Manufacturer’s Certification Qualified Product ID Number Differences Between Sec 25C Credit and Rebates Installation […]