If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property...
Issue Number: Tax Tip 2024-45 IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment. Don’t panic if something comes in the mail from the IRS – they’re...
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting...
Ever wondered about the consequences of neglecting your tax filings? Contrary to Hollywood portrayals, it’s not necessarily a direct route to a prison cell, but the repercussions can be significant, depending on your tax situation. The IRS places immense...
Hurricane Ian has come and gone, but the devastation that was left behind has impacted residents and businesses in many ways. In its aftermath, many businesses will face challenging decisions, especially in responding to a loss event. On September 29, the Internal...
Penalty Relief for Certain Taxpayers Filing Returns for Taxable Years 2019 and 2020 On August 24, 2022, the IRS announced it will grant automatic penalty relief for late-file penalties imposed on certain tax returns that were required to be filed for the 2019 and 2020...
