IRS Increases Identity Protection Through Tax Professionals
The IRS recently announced increased security for the Centralized Authorization File (CAF) program and client transcript process used by tax professionals. A nine-digit CAF number is assigned to tax preparers as an extra layer of security when they are interacting with the IRS on a client’s behalf. A reputable tax professional will ask you to […]
Offshore Assets Reminder as Panama Papers Wrap Up
Few tax sagas reach the drama and intrigue that the Panama Papers have. The case is considered the granddaddy of offshore account data leaks and holds lessons for the uber-wealthy, yes, but also for the rest of us. The Panama Papers scandal erupted in April 2016, unveiling a colossal leak of 11.5 million documents from […]
Avoid These Latest Small Biz Tax Scams
It’s been a busy tax season for scammers bent on exploiting small businesses. Phishing campaigns that mention Employer Identification Numbers (EINs), tech support, and more are trying to lure you and your precious data to them. MalwareBytes has alerted small businesses about a scam that is seemingly offering help in applying for an IRS EIN/Federal […]
What Is a Digital Asset?
Now that all taxpayers must answer the digital asset question on their tax forms, it’s wise to learn what exactly a digital asset is and isn’t as it relates to taxes. The IRS defines digital assets as any “digital representation of value that is recorded on a cryptographically secured, distributed ledger or any similar technology.” […]
Tax Refund? Celebrate, Then Investigate
Did you get a tax refund? It’s exciting, isn’t it? Now, the question is: What should you do with it? You could take a vacation, pay down debt, invest it, or fund a retirement account. The possibilities are endless! Whatever you do with the money, however, there’s one more vital task to complete as soon […]
IRS Audits Soar for Personal Use of Business Aircraft
Corporate jet usage is the focus of a growing number of IRS audits this year. It’s part of a bigger effort to crack down on large corporations, partnerships, and high-income taxpayers. The IRS announced in February that it was beginning dozens of audits in which undeclared personal use of a business aircraft is suspected. The […]
IRS Expands Access to Business Tax Accounts
IRS business tax accounts are now available to individual partners of partnerships and individual shareholders of S corporations, a privilege that was previously available only to sole proprietors. The IRS counts the move as part of its “continuing transformation work,” expanding its business tax account capabilities and eligible entity types in its second phase of […]
Staffing Strains and the Work Opportunity Tax Credit
While the employee retention credit (ERC) is no more, there’s still a significant tax credit on your side when hiring great workers from demographics that have historically faced significant barriers to employment: the federal Work Opportunity Tax Credit (WOTC). Staffing shortages over the past few years may have you thinking outside the box. In today’s […]
Texas Increases Franchise Tax Exemption
The January 1, 2024, Texas franchise tax filing deadline was the first for some business owners to avoid paying or even filing a “no taxes due” form. The Texas franchise tax exemption has doubled, allowing up to $2.47 million of an entity’s total taxable revenue to be exempted from franchise taxes. The move completely eliminates […]
IRS Crackdown on Millionaires Is a Sweeping Success
The federal government is over half a billion dollars richer thanks to its increased collection of back taxes. The IRS has been making headlines with its intensified enforcement efforts to ensure that high-income individuals, large corporations, and complex partnerships pay their fair share of taxes. The push is part of a broader initiative to transform […]