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 7, 2023
Augusta Rule Provides Tax Savings for Real Estate Rentals
Originally included in Public Law 97-455 passed in October 1976, Section 280(A)(g) was added to allow personal residences to be rented for 14 days or less with the rental income not includible in gross income.
Taxes May 7, 2023
AICPA Releases Priority Guidance Plan on SECURE 2.0 Act
The American Institute of CPAs recently submitted a letter to the Department of the Treasury and the Internal Revenue Service (IRS) prioritizing certain provisions of SECURE 2.0
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 5, 2023
Senator Demands IRS Pays Employee Retention Credits Still Owed to Small Businesses
Sen. Kirsten Gillibrand says nearly a million businesses are owed an ERC for keeping their staff on payroll during the pandemic.
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.
Payroll May 4, 2023
New York Minimum Wage to Increase Starting in 2024
The minimum wage will increase to $16 an hour in New York City and Westchester, Nassau and Suffolk counties and to $15 an hour in all other areas of the state on Jan. 1, 2024.
Taxes May 3, 2023
There is Only One Minivan Eligible for EV Tax Credits
The list of electric vehicles that qualify for the full $7,500 incentive under the Inflation Reduction Act is down to 10.
Taxes May 2, 2023
Tax Rep Network to Present The Practitioner’s Advisory Summit Free Virtual Conference June 14, 2023 Sponsored by Intuit
The Summit agenda features key thought leaders discussing all aspects of advisory services including reviewing the current state of advisory services.
Accounting May 1, 2023
HubSync Secures Series A Funding for All-In-One Tax and Accounting Platform for CPAs
HubSync’s all-in-one, modern client platform which automates the tax return and other key processes and provides a single gateway to drive “Best-in-Class” collaboration between professionals and their clients.
Small Business May 1, 2023
Minnesota Likely to Legalize Recreational Marijuana
The Minnesota Senate cast its first-ever vote to legalize recreational marijuana on Friday, pushing the proposal closer to becoming law than ever before.
Taxes April 27, 2023
What to Make of Changes to Sec. 174 Research and Experimentation Costs
The new provisions mandate five-year amortization of domestic Section 174 research and experimental (R&E) costs, and 15-year amortization of foreign R&E costs.