Have you ever felt like Tax Day snuck up on you? If so, you aren’t alone. In 2022 over 19 million people filed an “extension” for their individual tax return, allowing them to delay the due date of their tax […]
Have you ever felt like Tax Day snuck up on you? If so, you aren’t alone. In 2022 over 19 million people filed an “extension” for their individual tax return, allowing them to delay the due date of their tax […]
As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a voluntary disclosure program for employers. Under the program, businesses can “pay back the money they received after filing ERC claims in error,” […]
Welcome back! Thanks for joining me for Part 2 of our look at the Investment Tax Credit (ITC) for solar property. In Part 1, I gave an overview on the history and purpose of the solar ITC. I also discussed […]
Investment Tax Credits (ITC) have been around since 1962. ITCs were created by Congress to help stimulate the economy and to protect domestic businesses from foreign competition. The types of renewable energy property available for the ITC are, but not […]
Are you ready for the new Beneficial Ownership Information (BOI) reporting requirements implemented by the Corporate Transparency Act (CTA) that will go into effect on January 1, 2024? If you answered no, you are not alone. It is estimated that […]
As year-end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax year — and beyond. Fortunately, no significant unfavorable federal tax law changes that would affect 2023 or […]
The Minnesota legislature was very active in 2023 when it came to new tax implications. Minnesota enacted multiple changes that will impact taxpayers, such as adjustments in tax rates, deductions, credits and reporting requirements. Below are some changes that may […]
Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes […]
It’s hard to believe that 2023 is already half over. Although summer is a time for vacations and relaxing in the backyard, you can’t afford to take a break from managing your tax bill. Now is a good time to […]
When a corporation is liquidated, the transaction is subject to double taxation. This means that both the corporation and shareholders must generally recognize a gain or loss. The corporation usually deducts its liquidation expenses, such as professional and filing fees, […]
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