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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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…
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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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Many Tax Limits Affecting Businesses Have Increased for 2023
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be…
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How the New SECURE 2.0 Law May Affect Your Business
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement…
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Tips to Help Prevent Accounting and Tax Errors
Although failing to file a Form 990 with the IRS when required to do so is probably a more serious mistake, filing it with data errors isn’t recommended. Similarly, your not-for-profit…
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Reading the Tea Leaves: Potential Tax Legislation in the Nnew Congress
The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it remains to be seen if — and…
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How to Minimize the S corporation LIFO Recapture Tax
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory…
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Federal Tax News for Individuals
1. 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…
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Game on! Just Make Sure Your Nonprofit Follows Tax Rules
If you’re starting to plan activities for a 2023 fundraiser, consider gaming — for example, bingo, poker, raffles and even casino-type games. Such games can be a great way to…
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