IRS Suspends Processing of ERTC Claims
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
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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Virtual Currency Lands in the IRS’s Crosshairs
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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Social Security’s Future: The Problem and The Proposals
Recent reports have raised anew concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third rail” of American…
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2023 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 2023. Keep in mind that this list isn’t all-inclusive, so…
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U.S. Supreme Court Rules Against the IRS on Critical FBAR Issue
The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling…
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Computer Software Costs: How Does Your Business Deduct Them?
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells…
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Forms W-2 and 1099-NEC Are Due to be Filed Soon
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers…
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Employers: In 2023, the Social Security Wage Base is Going Up
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income…
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Federal Tax News for Businesses
1. 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…
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