On March 20, 2025, the IRS released new FAQs covering the income tax reporting of Employee Retention Credit (ERC) claims. According to the IRS, taxpayers will no longer be required to amend a prior year income tax return to adjust the wage expense as a result of an ERC…
Being a real estate professional in the eyes of the IRS offers several benefits, particularly in terms of tax advantages. One of the primary benefits is the ability to deduct losses from real estate activities against other types of income, such as W-2 income or 1099 non-employee compensation. This…
Charitable donations are a powerful tool to give back to your community and support causes dear to your heart while saving on income taxes. It’s crucial to navigate the process wisely to ensure your contributions are maximized and compliant with tax regulations. Choosing the Right Organizations When considering charitable…
Income Thresholds for Filing Form 990 Also read Amie Stevenson’s related post – The Value of a Well Prepared 990 Form 990 is an annual tax return filed by nonprofit organizations in the United States to the IRS. It provides a comprehensive overview of a nonprofit’s financial activities, governance,…
This is the second installment of my two-part blog series discussion on tax return extensions. You can read my first article here To Extend or Not to Extend? (Part 1) in which I discuss some of the benefits of extensions. In this blog, I will focus on business tax…
To qualify for a parsonage allowance, the IRS first requires you to meet the definition of a minister. The IRS defines a minister as an individual who is “duly ordained, commissioned, or licensed by a religious body constituting a church or church denomination.” Additionally, the minister must have the authority…
As we edge closer to 2025, it’s crucial to start assembling all the essential information required for accurate filing of W-2 and 1099 information return forms. The IRS mandates that any entity — be it a corporation, partnership, individual, estate, or trust — involved in a trade or business and…
Fall is officially here, and it is time to start thinking about end-of-year tax planning which includes form 1099s. The IRS requires these forms to be issued by a taxpayer engaged in a trade or business when they make payments to others engaged in a trade or business. The most…
As 2024 nears its end, business owners may ask, “How much equipment do I need to buy by December 31, 2024, to lower my tax bill?” In the past, this was a fairly cut-and-dry answer and easy to calculate. However, the new depreciation rules have taken their toll since bonus…
When it comes to tax deadlines, filing tax returns in a timely manner is very important. Some of the more common deadlines that people are familiar with are: March 15 Deadline – Partnership Form 1065 & S Corporation Form 1120-S business returns April 15 Deadline – Personal Form1040 & Corporate…
