General Business

IRS Suspends Processing of ERTC Claims

September 26, 2023

In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023…

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Federal Tax Obligations When a Business Shuts Down

September 12, 2023

Is it time to close your small business? Unfortunately, closing isn’t as simple as handing over the keys to a landlord or even selling a building you own. You still have…

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Federal Tax News for Individuals

September 1, 2023

1. Tax Scams are Year-Round Tax season is long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits,…

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The IRS Warns Businesses About ERTC Scams

August 21, 2023

The airwaves and internet are inundated these days with advertisements claiming that businesses are missing out on the lucrative Employee Retention Tax Credit (ERTC). While some employers do indeed remain…

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IRS Provides Transitional Relief for RMDs and Inherited IRAs

August 7, 2023

The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts.…

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Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions

July 24, 2023

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as…

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Traveling for Business This Summer? Here’s What You Can Deduct

July 12, 2023

If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you…

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Big Tax Savings Opportunity Ending 2025

July 5, 2023

Written by Jordan Reback, Nisivoccia When the Tax Cuts and Jobs Act (TCJA) was passed, the gift and estate tax exemption for gift tax increased materially. The lifetime exemption for…

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Virtual Currency Lands in the IRS’s Crosshairs

June 27, 2023

While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out…

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What’s in the Fiscal Responsibility Act?

June 15, 2023

President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends —…

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