IRS Plans to Audit Corporate Jet Usage Among High-Income Taxpayers

By |2024-02-26T20:44:18-05:00February 26th, 2024|Corporate Income Tax|

In a decisive move to clamp down on tax evasion, the IRS has announced a new series of audits targeting the use of corporate jets by high-income individuals, large corporations, and partnerships. This initiative, backed by the Inflation Reduction Act, aims to dissect the allocation of aircraft usage between business [...]

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How are my bonuses taxed?

By |2024-02-15T13:04:45-05:00February 15th, 2024|Individual Income Tax|

Understanding the Tax Implications of Bonuses Receiving a bonus from your employer is not just a sign of recognition for your hard work; it's also a boost to your income that can have various tax implications. Unlike regular wages, bonuses are taxed under specific rules that you should be aware [...]

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Tax Payment Instructions for Tax Year 2024

By |2024-02-12T15:37:35-05:00February 12th, 2024|Tax Payments|

To make an Estimated Tax payment today for Tax Year 2024... Jump to Direct Pay Or go to IRS.gov, Select Make a Payment, then Pay Now with Direct Pay, Make a Payment Select the Reason for Payment, Type of Tax, and Tax Year as indicated here -> Verify Identity The [...]

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Up to $150,000 Employer-Provided Childcare Business Tax Credit

By |2024-02-08T09:04:48-05:00February 8th, 2024|Corporate Income Tax|

Unlock Savings for Your Business with the Employer-Provided Childcare Tax Credit In today's competitive business environment, offering childcare to employees is not just a perk—it's a strategy. It's a way to attract and retain top talent, improve employee satisfaction, and enhance overall productivity. Recognizing the importance and the challenges of [...]

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New Crypto Currency Reporting Requirements – 2023

By |2024-01-29T16:01:53-05:00January 29th, 2024|Individual Income Tax|

Essential Guide to Reporting Cryptocurrency and Digital Asset Income on Your 2023 Tax Returns The Internal Revenue Service (IRS) has issued a reminder that all taxpayers must diligently report digital asset-related income when filing their 2023 federal income tax returns. What’s New This Year? The IRS has updated the digital [...]

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2023 Tax Changes for Your Business

By |2024-01-18T17:14:17-05:00January 18th, 2024|Corporate Income Tax|

Understanding the 2023 Tax Changes for Your Business As we step into a new tax year, it's crucial for business owners to stay informed about the latest tax changes and adjustments. The 2023 tax year brings several significant updates, largely influenced by recent legislative acts such as the SECURE 2.0 [...]

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2024 Tax Season Opening Date Announced

By |2024-01-08T17:22:53-05:00January 8th, 2024|Individual Income Tax|

2024 Tax Season: What You Need to Know... The IRS has set the stage for a smoother tax filing experience this year, with the season officially kicking off on January 29, 2024. They're expecting over 128.7 million individual tax returns by the April 15 deadline, so it's time to gear [...]

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2023 Tax Updates for Individuals

By |2024-01-18T16:51:00-05:00January 4th, 2024|Individual Income Tax|

Navigating the 2023 Tax Year: Key Updates for Individuals The 2023 tax year brings several important changes that individuals should be aware of. Staying informed about these updates is essential for effective tax planning and ensuring that you take full advantage of any benefits or adjustments. Adjusted Tax Brackets and [...]

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Understanding the Corporate Transparency Act: BOI Reporting – What Your Business Needs to Know

By |2024-01-19T11:46:58-05:00January 1st, 2024|Corporate Income Tax|

Effective January 1, 2024 Attention small business owners! The landscape of corporate compliance in the United States is set to change significantly with the enforcement of the Corporate Transparency Act (CTA) starting January 1, 2024. This law mandates many U.S. companies to report their beneficial owners - the individuals who [...]

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January 15, 2024 – Your Guide to Estimated Tax Payments

By |2023-12-08T17:18:07-05:00December 8th, 2023|Corporate Income Tax, Individual Income Tax|

January 15th 2024 is the last day to make an estimated tax payment for 2023. With this deadline looming, it's crucial for individuals and businesses to turn their attention to estimated tax payments. Understanding the implications can help you navigate this process more effectively and avoid potential penalties. Who Needs [...]

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