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New IRS Warnings on Employee Retention Credit

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) opportunity. But don’t worry, it’s not too late! For an upfront fee or a fee...

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Are Texas Business Inventory Tax Changes Ahead?

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 of nearly $33 billion. Most agree that tax cuts are in order—but now they...

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Don’t Leave R&D Tax Breaks on the Table

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 the IRS won’t go out of its way to spell that out for you. For whatever...

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Who Elects Married Filing Separately & Why?

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 married couples can and should file jointly. The IRS itself states that “in...

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Responding to an IRS Letter

Responding to an IRS Letter

The IRS just made it easier to respond to a handful of tax notices online, which presents an excellent opportunity to review what a letter from the IRS could mean and how you should respond to each. Hint: You should always give your CPA a heads-up before responding....

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Awaiting a Tax Refund in 2023?

Awaiting a Tax Refund in 2023?

If you got used to receiving a tax refund in recent years, don’t hold your breath for the same this tax season. While the IRS is better staffed and equipped this year for prompt refunds, pandemic benefits that sweetened the deal have now expired. CBS News reports that...

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