The IRS Has Announced Various Tax Benefit Increases for 2023
The IRS recently announced many inflation adjustments for the 2023 tax year. IRS Revenue Procedure 2022-38 provides details about these amounts. Because inflation is high, many of the amounts for 2023 will change more than they Read More
Nov 30, 2022
Employers: Beware of Improper Employee Retention Credit Claims
The IRS is warning employers to beware of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to Read More
Oct 27, 2022
The Wide-Ranging Inflation Reduction Act Is Signed Into Law
Congress has passed the Inflation Reduction Act (IRA) and President Biden signed it into law on August 16. The $740 billion law contains many tax breaks and raises revenue through a new minimum tax on Read More
Aug 18, 2022
Good News: IRS Boosts Standard Mileage Rates for Second Half of 2022
The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It's accompanied Read More
Jun 23, 2022
How to Make Filing Your Taxes a Non-Event
How did your last tax filing go? Were you stressed out? Surprised by a big tax bill? Angry at your accountant? If you’re like many business owners, filing your taxes can bring stress and anxiety. Read More
Oct 13, 2021
Would Your Company Pass the Independent Investor Test?
The IRS is planning to crack down on tax evasion to help fund the Biden administration's ambitious economic agenda. Specifically, the White House hopes to generate approximately $700 billion in tax revenue over the next Read More
Sep 30, 2021
Advanced Child Tax Credit Payments – You may want to Opt Out
In June, the IRS sent letters regarding advance payments of the Child Tax Credit (CTC) to potentially eligible taxpayers. For 2021 only, the CTC increases to $3,000 per child between the ages of 6 and Read More
Jun 30, 2021
The IRS Releases this Year’s Dirty Dozen Tax Scams
Each year, the IRS compiles a list of 12 common tax scams that taxpayers may encounter during the year. This year, the "dirty dozen" list focuses on scams that target individual taxpayers, with special emphasis Read More
Aug 24, 2020