recent blog posts

IRS has begun to accept applications for Low Income Taxpayer Clinic (LITC) matching grants from all qualified organizations. Eligible organizations can start applying from April 22, 2024, to June 12, 2024, for the grants awarded from Jan 2025 to Dec…

In Tax Season 2024, the Treasury Department, and the Internal Revenue Service (IRS) have introduced new regulations regarding the corporate stock repurchase excise tax. The stock repurchase excise tax applies to repurchases after Dec. 31, 2022. This move comes amidst…

Facing an IRS tax audit can be daunting for any business owner. However, understanding the process and being prepared can alleviate much of the stress. In this guide, we’ll delve into the intricacies of IRS tax audits for businesses, including…

As the Tax Season 2024 is here, so are potential scams and fraudulent activities, prompting the IRS to issue warnings about common schemes. Here’s a compilation of important facts about various scams and advice by the IRS for Tax Season…

In this tax season 2024, the IRS sets deadlines for taxpayers to pay their taxes, including estimated tax payments not subject to withholding. The first quarter estimated tax payment deadline for 2024 is April 15. This blog delves into the…

A solid grasp of tax laws and regulations is essential for businesses to effectively handle their financial matters. Nevertheless, even with meticulous attention, errors can occur, which may result in complications when it comes to complying with tax laws and…

The Internal Revenue Service (IRS) has instructed taxpayers to avoid errors on their federal tax returns and expedite their refunds for the Tax Season. These guidelines aim to assist in submitting returns that are thorough, precise, and free of mistakes. …

The Internal Revenue Service (IRS) administers the Advanced Manufacturing Investment Credit (AMIC) in Tax Season 2024.  The objective is to motivate businesses to upgrade their manufacturing processes, and thereby boost competitiveness and stimulate economic growth.   In the fast-paced industrial environment,…

As the tax season 2024 approaches, the Internal Revenue Service (IRS) is actively reminding taxpayers across the country about the valuable opportunity to claim the COVID-era Recovery Rebate Credit for the tax years 2020 and 2021. This specific credit is…

The Employee Retention Credit (ERC), or the Employee Retention Tax Credit (ERTC), is a tax credit scheme available to eligible businesses and tax-exempt organizations. Its purpose was to encourage businesses to retain their employees amidst the challenges posed by the…

In tax season 2024, the Internal Revenue Service (IRS) began to conduct thorough examinations on the utilization of corporate jets for personal reasons.  Chief Executive Officers (CEOs) and other top-level executives will fall under such IRS scrutiny.  This practice is…

IRS and Regulatory bodies update tax laws and regulations yearly. It is crucial to stay updated about the modifications that could affect your tax return and eligibility for tax credits as you gear up for the upcoming tax season 2024….

Every year, based on the Federal Emergency Management Agency’s (FEMA) federally declared disaster areas, the IRS will implement administrative disaster tax relief measures. For the Tax Season 2024, the IRS made special tax law provisions to provide affected individuals and…

What is the Credit? Alternative Fuel Vehicle (AFV) Refueling Property credit is the credit given to taxpayers under section 30C credit. The taxpayers must have installed and utilized a certified vehicle refueling and recharging station at their residential or commercial…

The Employer-Provided Childcare Credit is a tax credit that is specifically designed for employers who offer childcare assistance to their employees.  This assistance can be provided in different ways, including the provision of onsite childcare facilities, financial support for childcare…

Effective tax planning plays a crucial role in the smooth operations of any business.  With the ever-changing tax environment, it is imperative for small business owners to stay updated and adopt the right strategies to enhance their tax management and…

What is the Corporate Transparency Act? The Corporate Transparency Act (CTA) was enacted by Congress as part of the National Defense Authorization Act (NDAA) for Fiscal Year 2021 to combat financial crimes, including money laundering, terrorist financing, and other illicit…

Tax season 2024 is here, and it brings a blend of excitement and unease for numerous taxpayers. While taxes may not be exciting for all, there is one element of tax season that nearly everyone looks forward to the possibility…

There are several advantages to filing your tax return without any delay for the 2024 Tax Season.  Firstly, it allows you to receive your refund sooner and reduces risks associated with your tax identity.  Additionally, starting your tax preparation early…

The Internal Revenue Service (IRS) has recently announced that the tax filing season for the year 2024 is set to kick off on January 29, 2024.  This date signifies the official commencement of the IRS’s acceptance and processing of individual…