Are you required to make estimated tax payments? Individuals, including sole proprietors, partners and S Corp shareholders, typically have to make estimated tax payments if they expect to owe tax. If you receive salaries and…

If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code: Section 179 The annual amount of…

Let’s talk about audit red flags. Nobody wants to be audited by the IRS. Even if your tax return is perfect and you have all of the documentation required to prove your deductions, it’s still…

The IRS has issued a renewed warning on Employee Retention Credit (ERC) claims. In recent months, promoters and other third parties have continuously pushed ineligible taxpayers to file for the Employee Retention Credit even when…

The S Corporation election deadline for existing calendar year end LLCs, Partnerships, and C Corporations is March 15th. If you’re considering changing your company’s tax treatment from its default status to S Corporation status, now…

The Internal Revenue Service announced on December 29, 2022 an increase in the standard mileage rates for 2023.   2023 Mileage Rates The new standard mileage rate for business travel will be 65.5¢ per mile….

1099-K Reporting The American Rescue Plan included a provision requiring third-party settlement organizations (TPSOs) to issue Form 1099-K to all taxpayers for whom they processed at least $600 in payments for the calendar year.  A…