Apr 9, 2024
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...
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Mar 26, 2024
The IRS has already processed 62 million tax returns and refunded more than $135 billion this tax season. These early-bird taxpayers have received an average tax refund of $3,145, which is 5.8% higher than the same period a year ago. “The bigger average refund marks a...
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Mar 19, 2024
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...
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Mar 12, 2024
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)....
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Feb 27, 2024
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...
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Feb 20, 2024
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...
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