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…
The IRS released an update on their review of the Employee Retention Credit (ERC). You may recall the IRS announced last fall a moratorium on processing claims submitted after September 14, 2023, to give the agency time to digitize information on the large study group of nearly 1 million ERC…
Monday April 15, 2024, is the federal deadline for filing your 2023 individual income tax return. This is also the last day to request a six-month filing extension. An important thing to note is that this is only an extension to file, not an extension to pay. Any tax due…
The IRS allows self-employed taxpayers to deduct certain business meals and entertainment expenses. However, knowing what meals and entertainment expenses are deductible can be pretty confusing. Recent tax laws have changed what businesses are allowed to deduct. The Tax Cuts and Jobs Act of 2017 eliminated the deduction for most…
The IRS began accepting and processing individual tax returns on January 29. This year’s filing deadline for individual returns is April 15, 2024. The IRS expects to receive more than 146 million individual tax returns for 2023 during the next two and a half months. If you haven’t already, now…
The IRS announced last month that it would be waiving late payment penalties for tax years 2020 and 2021 for certain taxpayers. The waivers apply to taxpayers with tax assessments of less than $100,000 for 2020 and/or 2021 and who were issued an initial balance due notice on or before…
Each September the IRS publishes a list of counties for which exceptional, extreme, or severe drought was reported during the preceding 12 months. If you reside in, or are adjacent to one of these counties, and you sold more livestock than you generally do because of the drought, you may…
In a news release (IR-2023-169), the Internal Revenue Service (IRS) announced it will be temporarily stopping the processing of new Employee Retention Tax Credit (ERC) claims due to an increasing amount of fraudulent filings as many businesses are being coerced by ERC pop up scammers. According to the IRS:…
It isn’t often that I cut articles out of the newspaper anymore. In fact, just reading that sentence makes me want to check the closets for hidden VHS and cassette tapes and throw them out. That said, I cut out an op-ed by Kent Bush of the Rapid City Journal…
On June 9, 2022, the IRS announced that they would make a mid-year mileage rate change to combat the much higher-than-normal gas prices. If you qualify for mileage deductions, this could help you trim your 2022 tax bill. From July 1 through December 31 of 2022, the standard mileage rate…
