The tax mechanics involved in the sale of trade or business property What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s...
Great Article about IRS Backlog! I am posting this great article from Thomson-Reuters. Tax Lawyers and CPA's have been pushing to get the IRS to OPEN THE MAIL, process returns and correspondence. It is not uncommon for the IRS to take up to a year to respond to...
The U.S. Supreme Court rejected a bid by four Democratic-leaning states to lift a cap on federal deductions for state and local taxes put in place as part of a 2017 tax law. This law increased the Standard deduction to $25,000 which allows most married couples to file...
Should You Get an Identity Protection PIN? The IRS announced, in IR 2022-78, 4/11/2022 Identity Protection Personal Identification Numbers (IP PINs) can protect taxpayers from tax fraud. Should you get one? Identity Protection PIN (IP PIN). An IP PIN is a six-digit...
IRS Tax Tip 2022-50: Filing season security tip: Know the facts about how the IRS contacts taxpayers The IRS has reminded taxpayers how it will and, perhaps more importantly, will not contact taxpayers. When the IRS needs to contact a taxpayer, usually it first...
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the...
IRS Issues New 2022 Rules for Passenger Car Depreciation The IRS has provided updated tables containing: 1. Depreciation deduction limits for passenger automobiles placed in service in 2022, and 2. Dollar amounts that must be used to determine the annual income...
Does your business barter? Here are some facts you should know In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. The problem with bartering is it is...