Taxes May 26, 2023
How to Be Prepared for an ERC Audit
The IRS is actively auditing and conducting criminal investigations related to these false claims. People need to think twice before claiming this.
Taxes May 16, 2023
Sizing Up a Charitable Deduction for Clothing: When is an Appraisal Required?
Adhere strictly to the substantiation rules for charitable donations. A deduction worth thousands of tax dollars could be at stake.
Taxes May 10, 2023
More Flexibility for Section 529 Plans
A 529 plan account owner can roll over up to $35,000 in unused funds to a Roth IRA without paying any tax, beginning in 2024.
Taxes May 7, 2023
New Law Launches Military Spouse Credit for Employers
Now new legislation enacted at the end of last year, called SECURE 2.0, provides a tax benefit to qualified small businesses aiding military families.
Taxes May 7, 2023
Renting a Home Office to Your Company
Make sure the company is paying you a reasonable rent for the space. It should be the same rate that would be charged to a third party.
Taxes May 6, 2023
What to Do if Your Taxes Get Audited
Check to see if the IRS will be conducting a correspondence audit or a field audit. It makes a big difference in how you should handle things.
Taxes May 4, 2023
Income Tax Deduction or Credit? It Matters
Absent unusual circumstances, a credit on your return is more valuable than a deduction, by far. It’s a no-brainer. Nevertheless, there are certain times when a deduction would be preferable.
Taxes April 24, 2023
The Tax Blotter – April 2023 – Sec. 529 Plans Get Updates
A Section 529 plan is a tax-favored way to save for a child’s college education. Contributions can grow without any current tax while distributions to pay for qualified expenses like tuition are tax-exempt.
Taxes April 17, 2023
Renowned CPA Fails to Prove NOLs
The Tax Court denied net operating loss carryforwards for a CPA who operated several Fuddruckers restaurants.
Taxes April 13, 2023
Using a Go-Between for 1031 Exchanges
The favorable tax treatment isn’t automatic. To avoid current tax, you and the qualified intermediary must sign a "Qualified Exchange Accommodation Agreement."
Taxes April 12, 2023
Tax Angles to Intra-Family Loans
if you can’t present clear and convincing evidence that the loan is tied to a business transaction, the transaction may be deemed to be a gift.
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
