Business Deductions: A Quick Review
You have lots of expenses when running a business. Are any of them deductible? To begin with, a deductible business expense must be both ordinary and necessary. An ordinary business …
IRS Overlooked Billions in S Corp Execs Taxes
According to this Accounting Today article, “Business owners are still getting away with avoiding billions of dollars in taxes.” The Treasury Inspector General for Tax Administration found the IRS is …
Tax and Education Credits 2021
Taxpayers who have to write big checks for higher education can see tax savings when filing tax returns next year. If you, your spouse, or your dependents are taking postsecondary …
Tax Rules for Handling Large Cash Payments
The Internal Revenue Service is reminding businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms. Although many …
What to Know About the Restaurant Revitalization Fund
According to the Small Business Administration, the Restaurant Revitalization Fund will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more …
Work Opportunity Tax Credit Reauthorized Through 2025
Enacted in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit that eligible employers can claim if they hire eligible individuals who have consistently faced stringent barriers …