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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In the wake of Hurricanes Milton and Helene, the IRS is reassuring storm victims that it stands ready to provide tax-related assistance needed to help recover from these disasters. The IRS automatically gives taxpayers...

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Are you familiar with Health Savings Accounts (HSAs)? These are accounts that participants, their family members and employers can contribute to on a tax-advantaged basis. Such contributions are considered employer-provided coverage of medical costs...

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Health insurers, employers that sponsor self-insured health plans and other minimum essential coverage providers are required to report certain coverage information to the IRS. The tax agency uses it to determine employer shared responsibility...

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Now that the last quarter of 2024 is here, it’s a good time for accrual-basis businesses to clean up their books and possibly lower their taxes. Review your receivables to see if there are...

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