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Q3 Estimated Taxes Are Due September 16. Three Strategies to Avoid Underpayment Penalties.
Q3 estimated taxes are due September 16. Here are three strategies to avoid underpayment penalties at the current 8% IRS rate.
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The 1099-K Threshold Drops to $5,000 for 2024: What Every Online Seller Should Do Now
The 1099-K threshold drops to $5,000 for 2024. If you sell online, here is how to separate personal from business, track your transactions, and prepare for the new reporting rules.
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The IRS Is Auditing ERC Claims. Here Is How to Know If Yours Is at Risk.
The IRS is actively auditing ERC claims. Here is how to evaluate whether your claim is at risk and what options are available if you have concerns about eligibility.
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Unlock a $150,000 Tax Credit for Your Business with Employer-Provided Childcare
IR-2024-34, February 7, 2024, WASHINGTON — The Internal Revenue Service (IRS) introduces a comprehensive guide for businesses on leveraging the Employer-Provided Childcare Tax Credit, a significant fiscal incentive designed to support employers in offering childcare services. With a potential credit of up to $150,000, this initiative not only aids in covering the costs associated with…
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Essential Guide to Reporting Cryptocurrency and Digital Assets on Your Tax Return
IR-2024-18, January 22, 2024, WASHINGTON — As cryptocurrencies and digital assets continue to play a significant role in the financial landscape, the Internal Revenue Service (IRS) underscores the importance of accurately reporting all digital asset-related income for the 2023 tax filing season. This requirement aligns with the ongoing efforts to ensure transparency and compliance within…
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Tax Season 2024 Opens: What Business Owners Need to Know Before Filing
The 2024 filing season is open. Here are the key deadlines, changes for 2023 returns (bonus depreciation, R&D amortization, mileage rates), and common mistakes to avoid.
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The IRS Is Hiring Thousands of New Agents. What It Means for Your Audit Risk.
The IRS is expanding its enforcement workforce with IRA funding. Here is where the new resources are going and how to protect your business from increased audit risk.
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ERC Promoters Are Everywhere. Here Is How to Tell If Your Business Actually Qualifies.
ERC promoters are targeting businesses aggressively. Here is how to evaluate the real eligibility requirements and avoid filing a claim that could trigger IRS penalties.
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IRS in the Doghouse: Misses Deadline for IRA 2022 Plan
IRS Misses Own Filing Deadline for $80 Billion Plan – Taxpayers Beware!” The IRS has missed its deadline to tell the Treasury how it will spend its $80 billion allocation from the Inflation Reduction Act. As a result, taxpayers are left wondering how the money will be used, with many questioning the IRS’s ability to…
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Tax Season 2023: What Changed for Business Owners Filing 2022 Returns
Filing season 2023 brings changes: last year of 100% bonus depreciation, mandatory R&D amortization, delayed 1099-K threshold, and new clean vehicle credit rules.
