Computer Software Costs: How Does Your Business Deduct Them?

January 31, 2023

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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federal tax

Federal Tax News for Individuals

September 22, 2022

Read five headlines in Federal Tax News for Individuals.
1. Receiving Money from “Crowdfunding” May Come with a Tax Bill
2. Court Upholds the IRS Rejection of an Offer in Compromise
3. Beware of Various Tax-Related Scams
4. How the IRS Whistleblower Program Works
5. Is Your Hobby Actually a Business?

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The Inflation Reduction Act Includes Wide-Ranging Tax Provisions

August 18, 2022

The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions…

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CHIPS Act Poised to Boost U.S. Businesses

August 9, 2022

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is…

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Federal Tax News for Businesses

July 29, 2022

1. Proposed Tax Credits for Chip Manufacturers Bipartisan support in Congress for a (limited) tax bill? It’s true! The pared-down CHIPS Act, which would provide tax credits for companies to…

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New ACFE Study: Knowledge Is Power in the Fight Against Fraud

June 2, 2022

Every two years, the Association of Certified Fraud Examiners (ACFE) publishes a study detailing the costs, schemes, perpetrators and victims of occupational fraud. “Occupational Fraud 2022: A Report to the Nations”…

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New Tax Reporting Requirements for Payment Apps in 2022 Could Affect You

February 11, 2022

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect…

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New Digital Asset Reporting Requirements Will be Imposed in Coming Years

December 22, 2021

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting…

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federal tax

Federal Tax News for Businesses

December 15, 2021

1. Court Limits Sole Proprietor’s Auto Expense Deductions Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses,…

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Part of the ‘New Normal” May Be More Fraud

November 29, 2021

According to “The Next Normal: Preparing for a Post-Pandemic Fraud Landscape,” released by the Association of Certified Fraud Examiners (ACFE) in September 2020, half of U.S. companies uncovered more fraud…

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