The IRS is extending an olive branch to businesses that received tax credits related to COVID-19 in error. The tax cops are launching a second Employee Retention Credit (ERC) voluntary self-disclosure program to run through November 22. Previous ERC claims deemed improper by the IRS can be submitted. The good news: Employers that file can […]
Who says Democrats and Republicans can’t agree? A few weeks back, Donald Trump advocated for eliminating taxes on tips of workers in the hospitality and service sector. Now his opponent Kamala Harris is also pledging to cut taxes on tip income if elected. Trump’s tax proposals go further than giving workers hospitality and service sector […]
Many businesses are hesitant to spend big bucks on capital improvements or new equipment due to inflation, high interest rates and economic uncertainty. But there’s at least one very good reason for not waiting until next year to address a tangible need for your business. Reason: The bonus depreciation rate for capital purchases is dropping […]
The U.S. Supreme Court (SCOTUS) handed down enough precedent-breaking decisions this spring to make anyone’s head spin. The upshot: Businesses can expect to see fewer costly rules from federal regulators over the next 10 years. ResourcefulFinancePro covered nearly all of these cases, from the time SCOTUS announced it would hear appeals of lower court rulings, […]
Any business owner who paid employee salaries or health benefits during COVID-19 restrictions will be waiting a while longer for a tax credit. The IRS is wading through tens of thousands of what it believes are “suspect” claims. The Service is continuing a moratorium on Employee Retention Credit (ERC) claims it enacted last September. Anywhere […]
The provision in the 2017 Tax Cuts & Jobs Act calling for a one-time tax on foreign investments survived an appeal to the Supreme Court. But the High Court didn’t clarify the answer to a broader, underlying question in the legal challenge. That question being — can an unrealized capital gain be taxed under the […]
Wealthy investors are about to lose a tax loophole that IRS allowed for years. The tax cops say its new policy and enforcement will net billions of dollars in revenue over the next decade to the treasury. IRS plans “to essentially stop ‘partnership basis shifting’ — a process by which a business or person can […]
The IRS is about to put all of the the funding, personnel and technology advantages it now enjoys to use. Count on an upswing in audits of wealthy companies as well as owners and investors who run afoul of tax regulations. The then Democrat-controlled Congress and President Biden meant business in the summer of 2021 […]
Another April 15 came and went, leaving many of us poorer and grumbling about government spending. For business owners and the CFOs and controllers, reducing tax liabilities to states and the IRS is a year-round effort. Small business owner and tax guru Gene Marks shared a few of his “win-win” strategies on WFMZ 69 News. […]
