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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Federal Tax News for Individuals
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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Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions
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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Strategic Tax-Planning Q&As for Your Business
To maximize their tax savings, business owners need to plan year-round. Strategic tax planning is about not only knowing which credits and deductions your company can claim, but also minding…
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How Business Owners Can Prepare for an IRS Audit
The IRS has historically considered construction and real estate high-risk compliance industries because of its potential for cash transactions, underreported income, and worker misclassification. What’s more, as the tax agency…
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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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Your Construction Company May Be Able to Claim the Fuel Tax Credit
The federal fuel tax credit recently made the news when it was referenced on the IRS’s most recent “Dirty Dozen” list of tax scams. However, the false fuel-tax-credit scam involves…
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An Insurance Policy Glossary for Construction Business Owners
Every type of business needs at least a few insurance policies. Construction companies, however, tend to need many of them. After all, there are so many risks to guard against.…
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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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