Guaranteeing a Loan to Your Corporation? There May Be Tax Implications
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of […]
Category: Tax
Maximum 2023 Educator Expenditure Deduction is $300
It’s a new school year, and the IRS is reminding teachers and other educators that they can deduct up to $300 in out-of-pocket classroom expenses for the fiscal year when […]
Planning Ahead for 2024: Should Your 401(k) Help Employees With Emergencies?
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide […]
Taxpayers: Be Aware of Scammers Posing as the IRS
Criminals are constantly searching for novel ways to deceive innocent taxpayers. Scammers can mimic the IRS via phone or email, in person, or by mail or delivery service, wasting people’s time and money. Taxpayers can […]
Receive More Than $10,000 in Cash at Your Business? Here’s What You Must Do
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax […]
A Tax-Smart Way to Develop and Sell Appreciated Land
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could […]
Nonprofits: Special Events Call for Tax Planning
Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to […]
Corporate Officers or Shareholders: How Should You Treat Expenses Paid Personally?
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an […]
Starting a Business? How Expenses Will Be Treated on Your Tax Return
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly […]
IRS, Security Summit Alert Taxpayers to New Scam Involving Personal Photographs and Bank Information
The Internal Revenue Service and the Security Summit (a coalition between the IRS, state tax administrators, and the tax industry) issued a warning to taxpayers about a new mail scam […]
The Trust Fund Recovery Penalty: It Can Be Personally Assessed
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies […]
2023 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may […]
