When Partners Pay Expenses Related to the Business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. […]
Category: Tax
IRS Dirty Dozen Part 4 – Spearphishing and Schemes Aimed at High-Income Tax Filers
In this article, we present two more scams from the IRS’ 2024 Dirty Dozen list: spearphishing and schemes aimed at high-income tax filers. Read on so you don’t fall victim […]
IRS Dirty Dozen Part 3 – Fake Charities, Deceitful Tax Professionals, and Social Media
Today, we continue bringing you the scams highlighted by IRS’s 2024 Dirty Dozen campaign, an annual list compiled by the IRS listing the most common tax schemes and providing taxpayers […]
When Businesses May Want to Take a Contrary Approach With Income and Deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why […]
IRS Dirty Dozen Part 2 – Fake Online Account Assistance, False Fuel Tax Credit Claims, and Offer in Compromise Mills
Last week, we introduced you to the IRS’s 2024 Dirty Dozen campaign, an annual list compiling the most common tax schemes. The campaign provides taxpayers with important information about how […]
Don’t Have a Tax-Favored Retirement Plan? Set One Up Now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, […]
IRS Dirty Dozen Part 1 – 2024 Campaign Kicks Off With Warnings About Phishing, Smishing, and ERC Scams
For over two decades, the IRS has issued the “Dirty Dozen,” an annual list of common tax scams and abusive tax avoidance arrangements that expose taxpayers to the risk of losing personal information, data, […]
2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so […]
Coordinating Sec. 179 Tax Deductions With Bonus Depreciation
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation […]
IRS: Personal Expenses for General Health and Wellness Are Not Reimbursable Under Health FSAs, HRAs, HSAs, or MSAs
The Internal Revenue Service recently issued a news release cautioning taxpayers and health spending plan administrators that personal expenses for general health and wellbeing do not count as medical expenses for tax […]
Nonprofits: Take Another Look at Inflation Reduction Act Tax Breaks
When the Inflation Reduction Act (IRA) became law in late 2022, you might have assumed that the tax breaks it contained wouldn’t affect your tax-exempt organization. That’s not the case. […]
Bartering Is a Taxable Transaction Even If No Cash Is Exchanged
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — […]
