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 […]
IRS Offers Tax Guidance for Inherited Retirement Accounts
Over the past few years, the SECURE and SECURE 2.0 Acts dramatically changed the rules for qualifying inherited retirement plans, including IRAs. The IRS finally released guidance clarifying some of the major sticking points for fund owners and their beneficiaries. In the past, non-spouse beneficiaries inheriting qualifying retirement plans could stretch their distributions over their […]
Family Business Growth Through Uncertainty
If you own a family business that’s been growing or seems poised for growth, you’re not alone. You’re also not alone if you feel more worried or concerned than ever, even while your revenue and headcount trend upward. For a small business owner, it comes with the territory. Newly released data from the bipartisan group […]
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 […]
What Is Tax Loss Harvesting?
Sometimes we lose, sometimes we win, and most of us experience both in the same year if our financial portfolios are diverse enough. Tax loss harvesting can be a useful tax tool in these situations. Tax loss harvesting involves selling an investment that has lost value to offset capital or taxable income gains that have […]
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 […]
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 […]
Tax Treatment of Employee Work/Life Referral Programs
Many workers today seek employers who prioritize mental health and wellness. Initiatives like employee work/life referral (WLR) programs are becoming popular ways to meet these expectations, and the IRS is entering the conversation with new guidance on how these types of programs are taxed. WLR programs include services that assist eligible employees with identifying, contacting, […]