Potential tax proposals focusing on R&D credits and 1099-K relief for online sellers are underway. House Republicans are getting ready to announce a tax package as the debt ceiling deadline approaches. The package could bring major changes to the tax
Understanding Which Option is More Beneficial for Your Taxes When it comes to claiming tax benefits, it’s important to understand the difference between a deduction and a credit. While both can lower your tax bill, a credit is generally more
What You Need to Know About the Capitalization and Amortization of R&D Costs Under the New IRS Regulations The new provisions in Section 174 of the Internal Revenue Code have led to significant changes that will affect businesses. These provisions
Why Financial Planning is Essential for Accountants and How They Can Help Their Clients. As an accountant, your credibility is everything. Clients rely on you to manage their finances and provide sound financial advice to help them reach their goals.
Implications for Policyholders and Financial Reorganization Strategies Selling policyholders life settlement were subject to a greater tax burden due to the lower cost basis because proceeds up to the policyholder’s cost basis are not subject to taxation. As record-high inflation
A Look at the IRS’s Goals for the Next Decade and the Challenges It Faces. The IRS has announced a new strategic operating plan aimed at transforming the tax agency and improving service to tax payers and the nation during
Exempt Organizations Can Now Submit Form 8940 Online Beginning April 3, 2023. The Internal Revenue Service (IRS) has announced a update to Form 8940, Request for Miscellaneous Determination, which is used by exempt organizations to make random purpose requests. The
Tips and Reminders for Taxpayers to Request an automatic Six-Month Extension to File Their taxes and Avoid Penalties The tax season can be a stressful time for many people, especially those who are unable to file their tax returns by
Deadline Extension for Filing Tax Returns and Making Tax Payments Taxpayers in Mississippi affected by tornadoes and severe storms on March 24 and 25, 2023 now have until July 31, 2023, to file various individual and business tax returns and
Tax relief is available to individuals and businesses in the counties of Erie, Genesee, Niagara, St. Lawrence, and Suffolk. The IRS has announced that the deadline for filing various individual and business tax returns as well as making tax payments