Blog
IRS Can Peek at Certain Bank Accounts Without Notice
The U.S. Supreme Court has unanimously ruled that the IRS can, without notice, review the bank accounts of third parties associated with delinquent taxpayers. The decision was part of Polselli...
Alternative Cost Method Updated with Easier Tax Advantages
The IRS recently updated the optional rules for real estate developers to determine when common improvement costs may be included in the cost of individual units held for sale. It’s known as...
Petitioning the IRS, Beyoncé Style
You have the right to disagree with the IRS, and superstar performer and business mogul Beyoncé Knowles-Carter is serving up some high-profile proof. Knowles-Carter is contesting nearly $2.7...
Inflation and Your Small Business
The U.S. Chamber of Commerce reports that one in three small business owners consider inflation their top concern right now. Inflation worries have driven small business optimism about the...
Business Structure Myths Vs. Facts
Whether you’re new to entrepreneurship or you’ve been in business for years with a full staff and profitable company behind you, the need to evaluate (or re-evaluate) your business structure...
Uncle Sam Just Scored a Mysterious $7B Tax Gift
LinkedIn: Only a handful of known billionaires could be responsible, but there are no obvious suspects. Was it tax planning at its worst or its most brilliant? In one single day this past...
New IRS Warnings on Employee Retention Credit
Just when you thought COVID-era tax breaks were in the past, you get a call from a “tax advisor” who tells you that you may have overlooked a beneficial Employee Retention Credit (ERC)...
Are Texas Business Inventory Tax Changes Ahead?
We’ll soon find out if Texas lawmakers are on board with lowering the state’s notable inventory tax bill for small businesses. Texas lawmakers are contemplating a record-breaking budget surplus...
Don’t Leave R&D Tax Breaks on the Table
If you’re a business owner, there’s no doubt you’ve spent time and money creating better processes, materials, or solutions for your customers. Those activities can lead to big tax breaks, but...
Who Elects Married Filing Separately & Why?
Should you elect married filing separately on your tax returns? The truth is only about 2% of married couples do so. For a select few, however, the election can be quite beneficial. Most...