Taxes May 12, 2023
AICPA Supports Extending Tax Mailbox Rule to E-Filed Returns and Payments
This practice – known as the “mailbox rule” – already applies to payments and documents sent to the IRS through traditional mail.
Taxes May 11, 2023
How Homeowners Qualify For the New Energy Efficient Tax Credits
The Inflation Reduction Act includes credits for taxpayers who make qualifying energy improvements to their home.
Taxes May 11, 2023
Ex-IRS Agent, Five Others Charged in COVID Fraud Plot
The five men and one woman were charged on May 10 with conspiracy to commit bank fraud and face up to 30 years in prison.
May 11, 2023
New Jersey CPA Pleads Guilty to $2.5 Million Tax Fraud
Benkoil admitted his conduct resulted in a tax loss to the IRS of nearly $2.5 million and has agreed to pay full restitution.
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 10, 2023
New Jersey Allows Cannabis Businesses to Deduct Expenses on State Taxes
Under the new state law, the business subject to the corporation business tax will be allowed to deduct from income all ordinary expenses associated with managing a licensed cannabis business.
Digital Currency May 9, 2023
Sam Bankman-Fried Wants Criminal Charges Dropped
A filing from the FTX founder’s legal team argues 10 charges in Bankman-Fried’s 13-count indictment should be dismissed.
Taxes May 7, 2023
Cannabusiness Tax Liabilities and How to Navigate Filing
Making sure your COGS are accurate is the best way to ensure your tax liability is accurate as well, and working with a seasoned accounting professional can give you that peace of mind.
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 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