Income Tax
Latest News
IRS to Host Virtual Focus Groups on the Business Tax Account Online Tool
GASB Proposes Guidance on Subsequent Events
FASB Issues Post-Implementation Review Report for Its Revenue Recognition Standard
Newsom: California Will Offer EV Rebates if Trump Cuts Federal Tax Credit
How Homeowners Qualify For the New Energy Efficient Tax Credits
The Inflation Reduction Act includes credits for taxpayers who make qualifying energy improvements to their home.
Ex-IRS Agent, Five Others Charged in COVID Fraud Plot
The five men and one woman were charged on May 10 with conspiracy to commit bank fraud and face up to 30 years in prison.
New Jersey CPA Pleads Guilty to $2.5 Million Tax Fraud
Benkoil admitted his conduct resulted in a tax loss to the IRS of nearly $2.5 million and has agreed to pay full restitution.
More Flexibility for Section 529 Plans
A 529 plan account owner can roll over up to $35,000 in unused funds to a Roth IRA without paying any tax, beginning in 2024.
New Jersey Allows Cannabis Businesses to Deduct Expenses on State Taxes
Under the new state law, the business subject to the corporation business tax will be allowed to deduct from income all ordinary expenses associated with managing a licensed cannabis business.
Sam Bankman-Fried Wants Criminal Charges Dropped
A filing from the FTX founder’s legal team argues 10 charges in Bankman-Fried’s 13-count indictment should be dismissed.
Cannabusiness Tax Liabilities and How to Navigate Filing
Making sure your COGS are accurate is the best way to ensure your tax liability is accurate as well, and working with a seasoned accounting professional can give you that peace of mind.
New Law Launches Military Spouse Credit for Employers
Now new legislation enacted at the end of last year, called SECURE 2.0, provides a tax benefit to qualified small businesses aiding military families.