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
Renting a Home Office to Your Company
Make sure the company is paying you a reasonable rent for the space. It should be the same rate that would be charged to a third party.
Augusta Rule Provides Tax Savings for Real Estate Rentals
Originally included in Public Law 97-455 passed in October 1976, Section 280(A)(g) was added to allow personal residences to be rented for 14 days or less with the rental income not includible in gross income.
AICPA Releases Priority Guidance Plan on SECURE 2.0 Act
The American Institute of CPAs recently submitted a letter to the Department of the Treasury and the Internal Revenue Service (IRS) prioritizing certain provisions of SECURE 2.0
What to Do if Your Taxes Get Audited
Check to see if the IRS will be conducting a correspondence audit or a field audit. It makes a big difference in how you should handle things.
Senator Demands IRS Pays Employee Retention Credits Still Owed to Small Businesses
Sen. Kirsten Gillibrand says nearly a million businesses are owed an ERC for keeping their staff on payroll during the pandemic.
Income Tax Deduction or Credit? It Matters
Absent unusual circumstances, a credit on your return is more valuable than a deduction, by far. It’s a no-brainer. Nevertheless, there are certain times when a deduction would be preferable.
New York Minimum Wage to Increase Starting in 2024
The minimum wage will increase to $16 an hour in New York City and Westchester, Nassau and Suffolk counties and to $15 an hour in all other areas of the state on Jan. 1, 2024.
There is Only One Minivan Eligible for EV Tax Credits
The list of electric vehicles that qualify for the full $7,500 incentive under the Inflation Reduction Act is down to 10.