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IRS Grants Penalty Relief for CAMT Underpayment of Estimated Corporate Taxes
The IRS recently issued a critical update for corporations regarding the Corporate Alternative Minimum Tax (CAMT), a change introduced in the Inflation Reduction Act. This new legislation introduced a CAMT […]
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How Did the 2023 Tax Season Go for the IRS?
The IRS reported a significant return to taxpayers, disbursing around $659 million in refunds, marking a 2.7 percent increase in 2023 over 2022. This uptick in refunds comes against a […]
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What Business Owners Need to Know About the FTC’s New Rule on Non-competes
An estimated 30 million Americans currently under a non-compete agreement may soon be free to leave their job and immediately go to work for a competing business because the Federal […]
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RMD Relief Extended for 2024
The IRS has recently extended the tax relief on required minimum distributions (RMDs) for inherited individual retirement accounts (IRAs) and annuities through 2024. This extension is part of a series […]
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Lower Interest Rates on Delinquent Property Taxes Heads to CT House
A significant legislative change is on the horizon for Connecticut residents that owe back property taxes. House Bill 5144, currently advancing to the House floor, proposes to reduce the interest […]
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CT – Once Again – Discusses Phasing Out Motor Vehicle Tax
Connecticut’s ongoing debate on the phase-out of the state car tax reveals deep concerns and varying opinions among stakeholders. The proposed legislation, which suggests eliminating the motor vehicle tax within […]
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IRS Targeting High-Income Taxpayers with Unfiled Returns
After its success targeting millionaires with unpaid taxes, the IRS has launched a new initiative to improve tax compliance among high-income taxpayers who have not filed federal income tax returns since 2017. This effort, funded by the Inflation […]
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Exemption Granted from Electronic Filing for Form 1042
The IRS granted a temporary electronic filing exemption for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons. The exemption is automatic, so withholding agents do not need to file […]
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Warning Signs of Questionable Employee Retention Credit Claims
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
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
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
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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