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Warning Signs of Questionable Employee Retention Credit Claims

March 10, 2024

The IRS has issued a warning to small businesses regarding potential issues with Employee Retention Credit (ERC) claims as the March 22, 2024 deadline for the ERC Voluntary Disclosure Program approaches. Seven suspicious warning signs have been identified based on feedback from tax professionals and […]

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Auto Depreciation Caps and Lease Inclusion Amounts for 2024

March 10, 2024

For 2024, the IRS has set new depreciation limits for business-use luxury cars and specific lease inclusion amounts. For vehicles placed in service or leased in 2024, there are distinct […]

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IRS Increases Audits on Personal Use of Business Aircraft

March 10, 2024

The IRS is expanding its ongoing efforts to improve tax compliance in high income categories with dozens of audits on personal use of business aircraft. Focused primarily on large corporations, […]

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2024 Tax Brackets & Ways to Move into a Lower One

March 10, 2024

Are you unsure of your tax bracket and looking for ways to reduce your tax burden? Here are some ideas to consider. First, a primer. In the United States, our […]

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New College Saving Opportunity: Converting 529 Plans to Roth IRAs

February 2, 2024

Saving for your children’s college education became much easier when 529 plans were introduced. The ability to access funds in a 529 plan without paying federal taxes, as long as […]

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IRS Announces Penalty Relief for 2020 and 2021 Tax Returns and Plans to Resume Collection Notices

February 1, 2024

The Internal Revenue Service (IRS) has recently announced a significant update for taxpayers, providing much-needed relief for those affected by the COVID-19 pandemic. Specifically, the IRS is offering automatic penalty […]

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Navigating New IRS Regulations: Understanding De Minimis Error Safe Harbors

February 1, 2024

The IRS has recently finalized regulations that provide clarity and relief for businesses and individuals regarding the penalties for inaccuracies in information returns and payee statements. These final regulations, effective […]

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IRS’s Aggressive Compliance Measures Bring in Over $500 Million from Millionaires

February 1, 2024

In a recent update that underscores the effectiveness of heightened compliance activities, the Internal Revenue Service (IRS) has made a significant impact on tax collection from high-net-worth individuals. Commissioner Daniel […]

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What the 2024 IRS Focus Guide Means for Taxpayers in Disputes

January 4, 2024

The IRS Independent Office of Appeals has recently unveiled its 2024 Focus Guide, which could bring significant changes for anyone currently in a tax dispute or who might find themselves […]

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Understanding the Supreme Court Case on Taxing Unrealized Income

January 4, 2024

Recently, the Supreme Court of the United States took up a significant case, Charles G. Moore v. United States, that could impact how certain incomes are taxed. This is especially […]

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Important Update on 2024 Standard Mileage Rates and Deductions

January 4, 2024

The IRS has released its 2024 standard mileage rates for taxpayers who use their vehicles for business, medical, charitable purposes, and certain moving expenses. Understanding these changes is vital for […]

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Financial concept about Form 5884-A Employee Retention Credit with inscription on the page.

IRS Launches ERC Repayment Program

December 28, 2023

If you have received refunds through the Employee Retention Credit (ERC) and are concerned about its legitimacy, a recent development from the IRS could be good news for you. Earlier […]

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