Are you confident that your Partnership or LLC is ready for a possible audit?
On September 1, 2020, the Internal Revenue Service (IRS) added a new section called the BBA Centralized Partnership Audit Regime to its website, IRS.GOV. The
President Biden’s State of the Union tax related topics
On February 7, 2023, President Biden delivered his State of the Union address. Among many topics addressed, we picked the following: No Income tax increases.
The Secure Act 2.0 and the Importance of Retirement Savings
Retirement is an important part of every individual’s financial life, and the recently passed bipartisan budget bill includes provisions that aim to increase access to
Important Tax Law Changes for small business owners in 2023
Tax Law Changes There are many important changes in the Tax laws, we picked what’s most important to our business clients. Standard Mileage Rates In
Your tax refund will likely be smaller in 2023 tax filing season
Here are some tips to consider in 2023 tax filing season: It’s time to file your tax return, and many of us are facing smaller
The Wayfair decision has resulted in new remote and online seller tax rules.
The Supreme Court’s decision in the Wayfair case has prompted several states to enact new remote seller laws. On June 21, 2018, the United States
IRS Announces 2023 Inflation Adjustments for Several Key Tax Figures
The IRS has announced the cost-of-living adjustments (COLA) for the items below for the 2023 tax year [Rev Proc 2022-38, IR 2022-182]. Qualified transportation fringe benefits. For
Are Disability Pensions and Benefits Taxable?
It’s critical to understand how disability benefits are taxed if you have or expect to receive one. The majority of disability pensions, but not all,
Using an Offer in Compromise to Settle a Tax Bill
How to use an offer in compromise to settle a tax bill with the IRS. There are times when you can clear the tax slate
Top Personal Tax Deductions
Most of the best tax breaks for individuals can only be used if you itemize your deductions instead of just taking the standard deduction. Since
Running a business from home can help you lower your income tax bill
If you use part of your home for business, you might be able to deduct home business expenses. You must meet some requirements per IRS
IRS raises HSA limits for 2023 amid soaring inflation
The Internal Revenue Service issued its annual inflation-adjusted amounts Friday for health savings accounts next year as the inflation rate surged to the highest level