ERTC: How to Get the Employee Retention Tax Credit – Updated as of 9/14/2023
Important ERTC Update as of September 14, 2023 Amid rising concerns about a flood of improper Employee Retention Credit (ERC) claims, the IRS ordered an immediate moratorium through at least the end of the 2023 year on processing new ERTC claims for the pandemic-era relief program to protect honest small business owners from scams. The […]
Reasonable Compensation, Payroll and Distributions for an S Corp Owner
Many small businesses are formed as S corporations. S corps have been around for many years. Their popularity has a lot to do with the fact that s corporations offer both tax savings and a high degree of liability protection in the event of a lawsuit. While S corps are very popular, the issue of […]
Opportunity Zone: Defer or Eliminate Capital Gains
The Qualified Opportunity Zone Program has been around since 2017. It is a valuable tax planning strategy that is available to taxpayers even if they do not own a business. The program provides tax benefits to long term investors in communities called Qualified Opportunity Zones. These are geographic areas that need improvement or development, such […]
What is a Cost Segregation Study?
A cost segregation study is a strategic tax savings tool that allows companies and individuals who have purchased, constructed, expanded, or remodeled any kind of real estate for commercial or residential use to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes. Typically, real estate is depreciated over a straight-line […]
FBAR vs 8938: Which One Should I File?
FBAR is the Report of Foreign Bank and Financial Accounts. Its purpose is the inform the U.S. government of financial assets held in foreign countries. Form 8938 is very similar to the FBAR, although with a higher filing threshold. FBAR is submitted to the U.S. Treasury. Form 8938 is submitted to the IRS along with […]
IRS Form 8300: Cash Sales over $10,000 (Updated for 2024)
IRS Form 8300 is the form that businesses use to report the receipt of cash payments over $10,000. It applies to the purchase of both goods and services. Generally, businesses must file Form 8300 within 15 days after receiving cash payments over $10,000. We recommend that Form 8300 be filed online, rather than through the […]
Nonresident Alien vs Resident Alien
Nonresident aliens and resident aliens are required to comply with a variety of U.S. tax return rules. This applies to individuals coming to the U.S. on business, for education, for marriage or for other personal reasons. The rules are different for various visa types. In this article we will discuss what is a nonresident alien […]
Heavy Highway Vehicle Use Tax: Due August 31, 2023
The Heavy Highway Vehicle Use Tax is an annual federal excise tax on heavy highway trucks and other motor vehicles operating on public highways. Anyone who is required to register large trucks and buses with a taxable gross weight of 55,000 pounds or more must pay the tax. The required tax return is Form 2290, […]
A Guide to IRS Tax Penalties
The IRS imposes civil penalties in many situations. Penalties are meant to act as a stick to motivate the public to comply voluntarily with the tax laws. Tax penalties may be either civil or criminal. Civil penalties are financial Criminal penalties may involve jail time This article will focus what you need to know […]
Family Business Ideas
Family business owners Olivia and Carmen Amyette, Infinity Energy Advisors, and Gary Massey, owner of Massey and Company CPA were the guests on this episode of Family Business Radio. The subjects of the episode are family business ideas and entrepreneurship. Family Business Ideas – Podcast Olivia and Carmen, her mom, talked about Olivia’s accomplishments and […]