Get ready for new requirements to disclose all beneficial owners of business entities to the Financial Crimes Enforcement Network, beginning January 1, 2024. Heavy fines for missing this, so be in the know!
8 states currently offer tax incentives and rebates for purchases of electric vehicles. Here are the state-by-state details for you.
State Tax Benefits and Rebates for Electric Vehicles Read More »
The IRS continues to issue warnings to unsuspecting business owners about the danger of being scammed by Employee Retention Credit (ERC) mills.
Protecting Your Business from Employee Retention Scams: Essential Tips from the IRS Read More »
The IRS interest rates have recently reached the highest levels we’ve seen in 15 years. In this article, we’ll discuss the impact of these interest rates on underpaid or late paid taxes and provide you with valuable tips to avoid penalties and save money.
IRS Interest Rates: How to Avoid Costly Penalties and Save Money on Taxes Read More »
1. The existing electric vehicle tax credit that applied to both business and personal vehicles remains unchanged from January 1 to August 16, 2022. 2. The new and difficult North America assembly rules apply from August 16 through December 31, 2022, and require tax planning if you want to buy an electric vehicle this year.
Business Tax Credits for Your Electric Vehicle Purchases Read More »
Here is the latest update we have on the new CT PET Tax that we have been sending our clients so many communications about: IRS has issued no guidance indicating whether the CT PET payments will be recognized as a deductible business expense for Federal tax purposes. We should plan on not taking a Federal
An Update On The New CT Pass Through Entity Tax Read More »
Here are seven powerful business tax deduction strategies that you can easily understand and implement before the end of 2020. These work great if you are actually in need of more deductions for 2020. If your business did very poorly this year due to Covid-19, your 2020 tax bracket might be so low that you’ll
2020 Last-Minute Year End Business Tax Deductions Read More »
Late last week, the DRS released Form CT-1065/CT-1120SI RR, Pass-Through Entity Tax 2018 Income Tax Estimated Payment Recharacterization Request (RR). This form follows Special Notice 2018(4), Guidance on 2018 Estimated Payments for the Newly Enacted Pass-Through Entity Tax. Per the DRS, to make a recharacterization request, the member must complete Form CT-1065/CT-1120SI RR and submit the request form to the
The CT DRS Has Published the 2018 Estimated Tax Recharacterization Forms Read More »
Hello Everyone, Bravo! The Internal Revenue Service released initial guidance Wednesday on the business expense deduction for meals and entertainment in the wake of the Tax Cuts and Jobs Act, which was supposed to eliminate deductions for expenses pertaining to activities generally considered entertainment, amusement or recreation. The guidance rescues the meals deduction, and confirms
The IRS Issues Long-Awaited Guidance on Business Meals and Entertainment Deductions Read More »
Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include: 7(a) loans: general small business loans of up to $5 million, 504 loans: loans of up to $5.5 million to provide financing for major fixed assets such as equipment or real estate, and microloans: short-term
The SBA Made 6 Monthly Loan Payments on Your Behalf. Is That Taxable Income? Read More »
