Tag: Federal
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Tax Opportunities: 2023 Home Energy Tax Credits for Individuals
There are great opportunities for any individuals that are planning to make improvements to their home’s energy efficiency this year. With the passing of the Inflation Reduction Act of 2022, the amount of energy credits have been increased as well as the range of eligible expenses. Eligibility There are two credits that you should be…
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IRS Releases Frequently Asked Questions about the Employee Retention Credit
The Employee Retention Credit (“ERC”), also known as the Employee Retention Tax Credit (“ERTC”), presents a refundable tax credit opportunity tailored for businesses and tax-exempt entities. The criteria for eligibility vary based on the specific timeframe during which the credit is sought. Due to an influx of ERC promoters that uses different tactics to mislead…
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IRS Publishes Draft 2023 1065, K-1, K-2, K-3 Forms
If you’re ever having trouble falling asleep this week, feel free to take a look at the 2023 draft forms that have been released by the IRS. Form 1065 – https://www.irs.gov/pub/irs-dft/f1065–dft.pdf Form K-1 – https://www.irs.gov/pub/irs-dft/f1065sk1–dft.pdf Form K-2 – https://www.irs.gov/pub/irs-dft/f1065sk2–dft.pdf Form K-3 – https://www.irs.gov/pub/irs-dft/f1065sk3–dft.pdf
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This Simple Mistake Could Lead to a $2 Million Penalty – Importance of FBAR Compliance
The Supreme Court has declined to review a taxpayer’s request to review her $2 million penalty assessed by the IRS. This case demonstrates the importance of FBAR reporting, which requires taxpayers to disclose foreign bank accounts if the highest aggregate balance through the tax year exceeds $10,000. Failure to do so might land you in…