Category Archives: Uncategorized

The Inflation Reduction Act (IRA) established and expanded numerous incentives to encourage taxpayers to increase their use of renewable energy and adoption of a range of energy efficient improvements. In particular, the law includes funding for nearly $9 billion in home energy rebates. While the rebates aren’t yet available, many states are expected to launch their programsContinue reading “IRS issues guidance on tax treatment of energy efficiency rebates”

By now, just about every company uses some kind of accounting software to track, manage and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs. Although there’s some truth to theContinue reading “Is it time to upgrade your business’s accounting software?”

Many employers rightly proclaim that their employees are their most valuable assets. If this holds true for your organization, it stands to reason that paying those employees consistently and accurately is among the most important things you must do. Unfortunately, payroll errors plague many employers. Among the biggest dangers of inaccurate payroll administration is thatContinue reading “Employers: Beware of payroll tax errors”

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends. What the law requires To prove aContinue reading “If you gave to charity in 2023, check to see that you have substantiation”

To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 31Continue reading “2024 tax calendar”

Since July 2023, the IRS has taken a series of actions in response to what it has termed a “flood of ineligible claims” for the Employee Retention Tax Credit (ERTC). Most recently, it launched a Voluntary Disclosure Program (VDP). The program presents a valuable, but temporary, opportunity for eligible employers. Flood of invalid ERTC claims TheContinue reading “The IRS unveils ERTC relief program for employers”

Does your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. The threshold for electronically filing most information returns has dropped from 250 to 10. Before theContinue reading “There’s a new threshold for electronically filing information returns”

In Notice 2023-75, the IRS recently announced the dollar limits and thresholds for qualified retirement plans in 2024, reflecting the latest cost-of-living adjustments. Here are some relevant amounts to be aware of: Contribution limits for 401(k)s and other defined contribution plans. The annual limit on contributions will increase to $23,000 (up from $22,500) for 401(k),Continue reading “2024 limits and thresholds for qualified retirement plans”

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need to know about the tax implications, including when the 10%Continue reading “11 Exceptions to the 10% penalty tax on early IRA withdrawals”

Every established company will encounter challenges when confronting the thorny issue of succession planning. Family-owned businesses, however, often face particularly complex issues. After all, their owners may have to consider both family members who work for the company and those who do not. If yours is a family business, you may run into some confounding riddlesContinue reading “Solving the riddles of succession planning for family businesses”