Category Archives: Taxation

IRS issues guidance regarding the retroactive termination of the Employee Retention Credit

The Internal Revenue Service today issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Infrastructure Investment and Jobs Act, which was enacted on Nov. 15, 2021, amended the law so that the Employee Retention Credit  … Continue reading

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Most retirees must take required minimum distributions by Dec. 31

The Internal Revenue Service reminds retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by Dec. 31. Required minimum distributions (RMDs) generally are minimum amounts that retirement plan account owners must … Continue reading

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Here’s how businesses can deduct startup costs from their federal taxes

When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business. Generally, the business can recover costs for assets through depreciation deductions. … Continue reading

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IRS provides guidance on per diem rates and the temporary 100% deduction for food or beverages from restaurants

The Internal Revenue Service today issued Notice 2021-63 to make clear how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules of Revenue Procedure 2019-48 for using per diem rates. Previously, … Continue reading

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Tips to help taxpayers decide how and when to file an amended tax return

After filing their tax return, taxpayers may find they made an error or forgot to enter something on it. The IRS strongly recommends taxpayers use the Interactive Tax Assistant, Should I File an Amended Return? to help determine if they … Continue reading

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22 tax deductions you’ll want to take advantage as 2022 approaches

Tax deductible business expenses: Advertising and promotion Business meals Business insurance Bank fees Business use of your car Contract labor Depreciation Education (related to your business; includes books tailored to your industry and transportation expenses to and from classes, seminars, … Continue reading

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Year-end giving reminder: Special tax deduction helps most people give up to $600 to charity, even if they don’t itemize

The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take … Continue reading

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Common tax scams and tips to help taxpayers avoid them

In recent years, tax schemes and scams have been on the rise. Con artists work year-round which means taxpayers must remain vigilant to avoid being victimized. Here are some tips to help people recognize and avoid some of the most … Continue reading

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IRS resources help taxpayers determine if an offer in compromise is the right way to resolve tax debt

Individual taxpayers and business owners can use the IRS’s Offer in Compromise Booklet or the new how-to video series to learn how an offer in compromise works and decide if it could help them resolve their tax debt. Taxpayer’s can … Continue reading

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The tax responsibilities that come with shutting down a business

There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax … Continue reading

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