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…
As we begin 2024, it’s crucial to start assembling all the essential information required for accurate filing of W-2 and 1099 information forms. The IRS mandates that any entity — be it a corporation, partnership, individual, estate, or trust — involved in a trade or business and engaged in reportable…
With EVs representing just 8% market share of all domestic counterparts; sales and a significantly higher 5-year cost of ownership as compared to their gas-powered counterparts, it is no wonder why days on the market are double to triple comparable gas-powered models. Beginning in 2024, the IRS has a tool…
Sellers of new and used vehicles that qualify for a clean vehicle tax credit will be required to report information to the IRS on all qualifying vehicles sold. The IRS will use this information to validate tax credits claimed by buyers of vehicles. The first reports are required to be…
The IRS recently announced that it would resume sending tax notices that were previously halted due to COVID-related processing backlogs. In addition to resuming the halted notices, the IRS has begun to send out 2022 balance due notices. Additionally, the IRS sends notices for the following reasons: To notify you of…
