In its ongoing effort to combat questionable Employee Retention Credit (ERC) claims, the IRS has sent more than 20,000 letters advising taxpayers that the agency is disallowing their claims. This initial batch of letters is going…
In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021, introduces new reporting requirements for businesses in the United States, specifically…
Beginning in 2024, a special election allows a taxpayer purchasing a new clean vehicle or previously owned clean vehicle, to transfer the entirety of the allowable credit to an eligible (registered) dealer. The dealer in turn…
INDIVIDUAL DUE DATES: December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2023. Taxpayers with substantial increases or decreases in income, changes…
Gift and estate taxes are both part of the federal transfer tax system and are interconnected. Gift tax applies to transfers of wealth during a person's lifetime. If a person gives another person a gift that…
The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts have tax implications and can even provide a variety of tax benefits. But be wary;…
Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022…
Individual Due Dates November 13 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your…
Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify for some substantial income tax credits. Even if home improvements aren’t currently on your to-do list, with…
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown…
As the business world becomes increasingly competitive – and increasingly digital – it is essential to maintain meticulous financial tracking and accurate recording of all incoming funds. QuickBooks Online (QBO) is an excellent resource for small…
WE ARE CURRENTLY LOOKING FOR... Client and Accounting Services (CAS) Supervisor Location: Rose, Snyder & Jacobs – Encino, CA – Hybrid Role Position Type: Full-Time About Us: At Rose, Snyder & Jacobs, we are a dynamic, forward-thinking accounting firm…
The Importance of Business Succession Planning Every business – large and small – needs a business succession plan. Just like Warren Buffett and Jeff Bezos prepared for the day that they would step away from the…
All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts and securities) need to…
If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023. Failure to file before the extension period runs out can subject…
INDIVIDUAL DUE DATES October 2 - Fiduciaries of Estates and Trusts File a 2022 calendar year return (Form 1041). This due date applies only if you were given an extension of 5½ months. If applicable, provide…
INDIVIDUAL DUE DATES September 1 - 2023 Fall and 2024 Tax Planning Contact this office to schedule a consultation appointment. September 11 - Report Tips to Employer If you are an employee who works for tips…
Back in August of 2022, President Biden issued an executive order that would forgive federal student loan debt for lower income individuals. The program would have provided up to $20,000 in loan relief to borrowers with…
Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for…
If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, stocks or real property that you received. Generally, the answer is no, and…