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Attention all tax professionals! Mark your calendars, because the countdown to Taxposium 2024 has officially begun! As the premier event in the tax industry, Taxposium promises to deliver yet another year of unparalleled insights, networking opportunities and invaluable knowledge to elevate your career to new heights. Kicking off the event on day one is none […]

Question: Erek is a retired public safety officer. He separated from service due to disability. He wants to take out $3,000 tax-free from his retirement plan to pay for his Medicare premium. Is he allowed to do so? Answer: No. If Erek withdrew the funds from his retirement plan to pay for his Medicare, it

Some businesses that claimed the employee retention credit (ERC) have begun receiving IRS letters telling them their claims are on hold because they are under audit and must provide additional information to the agency. Several law firms and media outlets are reporting that some taxpayers who claimed the ERC began receiving IRS Letter 6612 in

Taxpayers are expected to provide their tax preparers with various forms showing income from investments, with three of the most common being Form 1099-INT, Form 1099-DIV and Form 1099-B. These forms are not exclusive to medium to high-income earners, as even some lower-income individuals, particularly retirees, may receive them. It’s important you know how to

Question: Pam’s roof has been needing to be replaced for several years, and in 2023, she finally sprung for a brand-new metal roof. She paid $70,000 for the double-insulated roof, which is not connected with a solar panel. She came into your office, excited because she heard on the news that she could get a

Choosing the right entity structure is crucial for you to know how to do, because it directly impacts a business’s tax liability and financial health. Understanding tax implications helps optimize deductions, minimize liabilities and ensure compliance, ultimately contributing to the overall financial success and sustainability of a business. Below, you’ll find a few of the

IR-2024-78, March 22, 2024 WASHINGTON – The Internal Revenue Service announced today that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion so far since last fall as work continues on a number of efforts to counter questionable claims pushed by aggressive marketing, including an aggressive push on claims

New year, new rules. The clean vehicle credit (used for business purposes) is new for 2024, so you’re going to need all the information you can get to provide quality service to your clients. Because the credit is new, you need up-to-date, accurate resources that may otherwise be hard to find. Below, you’ll find a

Question: Jess is a cash basis farmer. She owns land that she uses for an active farming business. She entered into an agreement with another farmer to rent some of her land out to him for crops. As payment for the use of the land, they agreed that Jess will receive a percentage of the

In today’s landscape of escalating college and higher education expenses, staying informed about the array of tax benefits is imperative for tax pros. Navigating the complexities of educational costs requires a comprehensive understanding of available tax incentives, as they can significantly alleviate the financial burden associated with pursuing advanced degrees. Below, you’ll find a few