Tag: Tax

The Inflation Reduction Act (IRA), enacted in late 2022, provides valuable tax credits that support clean energy manufacturing. Significantly, the law created the Advanced Manufacturing Project Tax Credit (45X MPTC), which is an incentive for Read More

The statute of limitations for the IRS to audit your tax return is typically three years. It begins on the later of: 1) the due date for your tax return or 2) the date on Read More

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not alone. Here's a refresher on Read More

As your payroll staff or provider can likely tell you, your organization is responsible for meeting several types of payroll tax obligations throughout the year. If you fail to do so, you may face adverse Read More

How inventory is accounted for can have a significant impact on your tax bill if your business involves the production, purchase or sale of products. In some cases — particularly during periods of high inflation Read More

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

The 2017 Tax Cuts and Jobs Act (TCJA) included a deferred provision that changes the way research and development (R&D) expenses are deducted for tax purposes beginning with the 2022 tax year. Prior to 2022, Read More

It's time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Read More

Are any of your employees clamoring to receive compensation — either immediate or deferred — in Bitcoin or another type cryptocurrency? What about customers that want to pay with crypto? The bandwagon, if there is Read More

The general rule for retaining federal tax records is three years. That's because the statute of limitations for the IRS to audit your tax return is typically three years. The statute of limitations starts on Read More