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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Nonprofits: Special Events Call for Tax Planning
Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to…
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The IRS Warns Businesses About ERTC Scams
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
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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Save Taxes on Back-to-School Supplies…
Written by Jordan Reback, MBA, Tax Supervising Senior The month of August has just arrived, and many are already thinking about school supplies for their children as they prepare to…
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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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Inflation Boosts Federal Gift and Estate Tax Breaks
Inflation is generally bad news. But a favorable side effect is bigger annual inflation adjustments to federal tax breaks. In fact, many federal tax parameters for the 2023 tax year are…
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Big Tax Savings Opportunity Ending 2025
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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