Corporate Transparency Act & Your Beneficial Ownership Obligations
You’re not a crook, but the federal government isn’t just going to take your word for it. That’s why the U.S. Corporate Transparency Act (CTA) was conceived. With the CTA’s new beneficial ownership information (BOI) reporting requirement looming, it’s time for most small business owners to act or potentially suffer painful consequences. Steven Bankler recently […]
Falling Interest Rates and Your Small Business
The Federal Reserve has begun lowering interest rates for the first time in four years. Is it a game changer for small businesses? Is it too early to tell? Here’s what history and current research tells us. The half-percentage reduction by the Federal Reserve in September may not seem significant to the average person. However, […]
Beware of Offer-in-Compromise (OIC) Scams
The IRS Offer-in-Compromise (OIC) program can be a great opportunity if you owe the IRS money you don’t have. However, some scam artists are getting in on the action and “selling” OICs that aren’t real. The IRS OIC program, a genuine option for taxpayers who can’t afford to pay their full tax debt, allows you […]
7 Reasons to Itemize Deductions
There’s good reason 90% of taxpayers claim the standard deduction: It more than covers what most Americans can deduct on their own. However, in certain years, some taxpayers may want or need to itemize instead. The standard deduction for 2024 is $14,600 ($29,200 for married couples) and a bit more if you’re 65 or older. […]
ERC Voluntary Disclosure Temporarily Returns
The IRS has announced a limited-time reopening of its Voluntary Disclosure Program (VDP) for businesses that incorrectly claimed Employee Retention Credit (ERC). It’s a chance for businesses that may have fallen victim to ERC promoters to correct improper payments at a 15% discount and avoid future audits, penalties, and interest. “During the first disclosure program […]
The Tax Benefits of a Net Operating Loss (NOL)
Business losses can occur for a variety of reasons. They could be the result of financial challenges, but losses can also happen when you take chances, expand, or grow in ways that are necessary to trigger more success. Whatever the reason for your business losses, do not overlook opportunities to use those losses to offset […]
Dangers of AI-Powered Chatbot Tax Advice
TurboTax and H&R Block started using artificial intelligence (AI) chatbots to give tax advice. The potential results? Dramatically inaccurate tips that could lead to an audit. Consider this your reminder to rely on real CPAs. Washington Post reporter Geoffrey A. Fowler decided to put TurboTax’s “Intuit Assist” and H&R Block’s “AI Tax Assist” to the […]
Still Waiting for Your Employee Retention Credit?
The Employee Retention Credit (ERC) was a lifeline for businesses during the COVID-19 pandemic, but things went south due to widespread fraud and abuse. If you’re still waiting for an ERC credit or are now questioning your eligibility, here’s what you should know. The ERC offered substantial tax credits to employers who kept workers on […]
Maximizing Tax Deductions in 2024
Reaching Texas Franchise Tax Status
There’s a cost for success in Texas: The Franchise Tax. If your business is experiencing or planning rapid growth, don’t be caught unprepared when you reach the threshold. The Texas Comptroller considers the Texas Franchise Tax a “privilege” tax, meaning it’s imposed on taxable entities for the privilege of doing business in Texas. Unlike what […]