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Federal Tax News for Businesses

Businesses Targeted for Identity Theft The IRS is warning businesses that they may be prime targets for identity theft. How do you know if your company’s identity has been stolen? According to the IRS, you should investigate if you receive… Read more »

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Update on Deducting Business Meal and Entertainment Expenses

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 what’s currently deductible — and what’s… Read more »

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Should You Extend Your 2022 Tax Return?

In a statement posted to its website on February 3, 2023, the IRS asked certain taxpayers to temporarily hold off on filing their 2022 returns until it could issue guidance on how to treat special tax refunds and payments made by… Read more »

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Federal Tax News for Individuals

Retirement Plan Distributions: Know the Tax Rules At tax time, age matters. Taxpayers who take distributions from their retirement accounts before age 59½ will generally owe a penalty of 10% of the amount of the distribution. There are exceptions, such… Read more »

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New Tax Law Improves QCD Benefits

Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA… Read more »

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Watch Out for Tax Bills Delivered COD

Debtors typically experience a feeling of relief when a creditor agrees to forgive their debt. But that feeling often is replaced by shock and confusion when they learn they owe taxes on so-called “cancellation of debt” (COD) income. Read on to… Read more »

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Federal Tax News for Individuals

Energy Efficient Home Tax Credit FAQs The IRS recently updated its FAQs regarding the Energy Efficient Home Improvement (EEHI) Tax Credit. As amended by the Inflation Reduction Act, the EEHI Credit amount increases to 30% of a taxpayer’s cost for… Read more »

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5 Major Tax-Favored Retirement Plan Changes for Individuals under New Law

After months of negotiations, Congress finally passed the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). This part of the omnibus funding package builds on the SECURE Act of 2019 and contains major changes in the required… Read more »

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Federal Tax News for Businesses

Court: Farmers Are Partially Allowed Depreciation Write-offs If you’re a business owner hoping to deduct asset depreciation from your gross income, it’s crucial to track the percentage of business use of assets. In one case, a married couple were long-time… Read more »

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