November’s here. With the holiday season and year end coming soon, many employers are planning to pay employee bonuses. If you are, the timing of bonus payments may help reduce your business tax. For...

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Recently, the IRS issued guidelines for 2024 substitute tax forms. If you’ve never heard of substitute tax forms, you’re not alone. As IRS Publication 1167 (https://bit.ly/3YUOw5P  ) explains, taxpayers may create and file their...

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If you receive an inheritance valued at less than the estate tax exemption amount ($13.61 million in 2024 and $13.99 million in 2025), it isn’t subject to federal tax. Regardless of an estate’s size,...

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Recently, the IRS issued guidelines for 2024 substitute tax forms. If you’ve never heard of substitute tax forms, you’re not alone. As IRS Publication 1167 (https://bit.ly/3YUOw5P  ) explains, taxpayers may create and file their...

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A valuable one-time federal tax credit is available through 2025 to employers looking to hire new workers. The Work Opportunity Tax Credit (WOTC) encourages employers to hire from certain groups that face employment barriers....

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Now that National Cybersecurity Awareness Month (October) has come to an end, the IRS and its Security Summit partners are sharing some best practices. Be careful about revealing too much personal information on social...

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As the year winds down, you may want to combine smart estate tax planning with tax savings using the annual gift tax exclusion. You can give cash or property (up to a specified value)...

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The premium tax credit (PTC) helps eligible individuals cover their premiums for health insurance purchased through the Health Insurance Marketplace. It was “enhanced” for the 2021 and 2022 tax years to allow taxpayers with...

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For more than 70 years, the U.S. tax code allowed companies to currently deduct certain research and development (R&D) expenses. This benefitted manufacturers and businesses in other industries. However, under the Tax Cuts and...

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What’s new with the IRS’s Employee Retention Tax Credit (ERTC) investigations? The agency has announced that it’s currently processing approximately 400,000 ERTC claims. This batch includes eligible and ineligible claims, with the eligible claims...

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