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
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,
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
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
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
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.
Residents and Businesses Get Until November 3, 2025, to File and Pay After Severe Weather Updated April 21, 2025 – The Internal Revenue Service (IRS) has announced extended federal tax deadlines for all individuals and businesses in Tennessee and Arkansas
Fraudulent ACA Enrollments Stall Tax Refunds, Spark Debate Over Coverage Access As Americans completed their tax filings this week, many encountered unexpected tax bills linked to unauthorized Affordable Care Act (ACA) enrollments. Fraudulent sign-ups or unrequested plan switches by rogue
Resume Deadlines, Potential Layoffs, and Union Changes Loom as Tax Season Ends As Americans concluded their tax filings, IRS staff across the nation confronted their own critical deadlines, facing potential job losses and significant workplace changes due to federal downsizing
New Law Halts 2026 Crypto Tax Disclosure Requirement, Delivering Industry Victory President Donald Trump has signed a bill into law, effectively repealing an IRS rule that would have mandated cryptocurrency brokers to report transaction data. This move, reversing a regulation