IRS Commissioner signals new phase of Employee Retention Credit work

Friday, August 04, 2023
With the Internal Revenue Service making substantial progress in the ongoing effort related to the Employee Retention Credit claims, Commissioner Danny Werfel said the agency has entered a new phase...... Read More

FASB exempts private companies from expense disclosures

Thursday, August 03, 2023
Private businesses can sigh with relief: The Private Company Council and the Financial Accounting Standards Board (FASB) have decided to forgo voting on an upcoming proposal that, if adopted, would...... Read More

Tax news for investors and users of cryptocurrency

Tuesday, August 01, 2023
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for...... Read More

4 ways to ensure compensation is “reasonable”

Monday, July 31, 2023
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason:...... Read More

Learn the warning signs of Employee Retention Credit scams

Friday, July 28, 2023
Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations...... Read More

Discontinued operations reporting overview

Thursday, July 27, 2023
The COVID-19 epidemic, geopolitical unpredictability, increased expenses, and declining customer confidence have all upset traditional business strategies in a number of industries. The amended accounting guidelines for disclosing discontinued activities...... Read More

The IRS’s is watching virtual currency

Tuesday, July 25, 2023
The IRS’s interest in cryptocurrency has increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their...... Read More

Here’s what you can deduct when traveling for business

Monday, July 24, 2023
Under tax law, to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight...... Read More

Achieving the right balance of working capital

Thursday, July 20, 2023
A crucial performance indicator is working capital, which refers to the money your business has committed to accounts receivable, accounts payable, and inventory. Managers look for ways to free up...... Read More

What counts as qualified medical expenses?

Tuesday, July 18, 2023
You may wonder what medical expenses you can include if you itemize deductions on your tax return. The IRS recently issued frequently asked questions addressing when certain costs are qualified...... Read More