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Business Taxes

New IRS Voluntary Disclosure Program Lets Employers Pay Back Employee Retention Credits at A Discounted Rate

by kayewilli | Jan 11, 2024 | Business Taxes, IRS

The IRS has launched a new Voluntary Disclosure Program aimed to help businesses that want to pay back the money they received after filing erroneous Employee Retention Credit (ERC) claims. Employers will only be required to repay 80% of the credit they received, but they must must disclse information about any advisors or tax preparers who advised or assisted them with their claim.

IRS ANNOUNCES TEMPORARY MORATORIUM ON NEW ERC CREDIT CLAIMS – RAMPS UP AUDITS ON CREDITS ALREADY CLAIMED

by kayewilli | Oct 6, 2023 | Audit Defense, Business Taxes, IRS, Tax Law

Due to widespread abuse and fraudulant claims, the IRS has announced a moratorium on processing new ERC claims, and is aggresively auditing businesses that have claimed the ERC. Your business should to take steps to prepare for the possibility of an audit if you have claimed these tax credits.

Optional Safe Harbor Method of Accounting For Real Estate Developers

by kayewilli | Mar 7, 2023 | Business Taxes, IRS, Tax Law

The IRS has iupdated the optional safe harbor method for calculating the basis of individual units in a real property development project to determine the gain or loss from sale of those units.

IRS Issues Mid-Year Increase in Mileage Rates

by kayewilli | Jun 10, 2022 | Business Taxes, IRS

On July 1, 2022 the IRS business mileage rate is increasing from 58.5 to 62.5 cents per mile, and the medical and moving mileage rate is increasing from 18 to 22 cents per mile.

Warning: Your Tax Home May Not Be In the City Where You Live

by kayewilli | Apr 6, 2022 | Business Taxes, Tax Law

The term “tax home” does not have its usual and customary meaning when interpreting issues of federal income tax law. Generally, your tax home is the entire city or general area where your main place of business or work is located, regardless of where you maintain your personal residence.

IRS Audit Technique Guides Are Valuable Business Resources

by kayewilli | Sep 9, 2021 | Business Taxes, IRS, Tax Law

The IRS publishes Audit Technique Guides on their website that provide valuable insight on how the IRS conducts retail industry audits. The guides are also helpful for business owners and tax professionals in developing financial best practices for their businesses.

Tax Law Changes on the Horizon

by kayewilli | Apr 19, 2021 | Business Taxes, Tax Law

Senator Bernie Sanders recently introduced legislation that, if passed, will create significant changes in estate and gift taxes.While it is impossible to know what the final legislation will be, tax law changes are extremely likely.

Temporary 100% Deduction for Business Meal Expenses

by markwilli | Apr 8, 2021 | Business Taxes, Tax Law

IRS provides guidance on tax relief for deductions for food or beverages from restaurants; businesses can temporarily deduct 100% beginning January 1, 2021

Beware Of “Quiet” Changes In The Federal Tax Law

by markwilli | Feb 1, 2021 | Business Taxes, IRS, Tax Law

During his presidential campaign, Joe Biden proposed repealing the step-up in basis for capital gains. Income tax law has always provided that the value of inherited assets, like a family business, is “stepped up” to its fair market value when the owner dies. So, if...

Tax Tips for New Business Owners

by markwilli | Sep 23, 2020 | Business Taxes, IRS

Understanding the tax responsibilities that come with starting a business venture can save you time, money, and aggravation, and help set you up for success. Here are six tips for new business owners. Choose a Business Structure The form of business determines which...

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