Recent Articles
Unlocking the Power of Clean Energy Tax Credits: A Strategic Role for CPAs
Accountants: Maximize Inflation Reduction Act Incentives Through Smart Planning Clean energy tax credits are fundamentally changing financial strategies across various industries. The Inflation Reduction Act (IRA) has introduced expanded incentives, presenting businesses with a significant opportunity to reduce their tax...
Tax Court Slaps $25,000 Penalty on Frivolous Tax Arguments
Baseless Claims Against IRS Prove Costly for Georgia Teacher Taxpayers who present frivolous arguments in tax disputes face significant financial penalties, a lesson reinforced by a recent U.S. Tax Court decision. In Swanson v. Commissioner (TC Memo 2024-105, Nov. 12,...
When Is Business Property “Placed in Service”? Key Depreciation Deduction Timing
Navigate Complex Depreciation Rules, Including Yacht Chartering Specifics Understanding when business property is considered “placed in service” is crucial for accurate tax planning and claiming depreciation deductions. This timing can be particularly nuanced in unique business scenarios, such as the...
Mastering State Unemployment Insurance (SUI) and State Income Tax (SIT): A Payroll Pro’s Guide
Ensure Compliance, Avoid Penalties, and Become a Trusted Payroll Expert For accounting professionals managing clients with operations across multiple states, staying current with state-level payroll tax responsibilities is paramount. State Unemployment Insurance (SUI) and State Income Tax (SIT) are two...
Trump’s IRS Nominee Billy Long Faces Scrutiny Over Campaign Funds and Donor Ties
Acting Commissioner Faulkender Steps In Amid Questions Over Long’s Financial Disclosures Billy Long, President Trump’s nominee to lead the Internal Revenue Service (IRS), is under increased scrutiny following disclosures that he used recent campaign donations to repay a personal loan...
Trump Administration to End IRS Direct File Program After 2025 Tax Season
Free Filing System Faces Shutdown Despite Expansion, Citing Budget and Private Sector Concerns Despite a recent expansion to 23 states, the IRS Direct File program, a free tax filing service, is expected to be discontinued after the 2025 tax season....