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IRS Announces Requirement to E-file Form 8300 Hold onto your digital hats, folks! The IRS, in their never-ending quest to be the life of the party, just dropped a tech-savvy bombshell. Starting on the futuristic date of 1/1/24, businesses must embrace the 21st century and electronically file Form 8300, the Report of Cash Payments Over …
New IRS Campaign Focuses on Inflated Cost of Goods Sold The IRS’s Big Leagues, aka the LB&I Division, just dropped a spicy new campaign. It’s like the latest summer blockbuster but for taxes! Are you a fan of blowing up the Cost of Goods Sold (COGS) on your tax return? Well, they’re zooming in on …
The “Masters” Rule In the case of Sinopoli v. Commissioner,[1] the taxpayers aimed to take advantage of IRC 280A(g), a clause that permits individuals to lease their personal homes for a maximum of 14 days each year without reporting the income. The taxpayer’s S corporation claimed rental expenses exceeding $290,000 across three years, alleging this …
When navigating the vast landscape of tax forms, you might come across Form 1099-C and wonder about its significance. Fear not, you are not alone in this bewildering tax labyrinth. We understand that tax forms and regulations can be as perplexing as navigating a maze. CPA Nerds shall unravel the enigma of the elusive 1099-C …
Unannounced Visits Will End The Internal Revenue Service has declared that effective immediately, random visits to taxpayers by their revenue officers will cease, barring some exceptional situations. Instead of these surprise visits, revenue officers will establish contact with taxpayers via an appointment letter (725-B) and arrange for a subsequent meeting. This change has been prompted …
Did the student loan forgiveness go through? Nope. On June 30th, 2023 the Supreme Court invalidated President Biden’s plan to cancel student loan debt. The ruling determined that the administration lacks the authority to eliminate student loan debt under the HEROES Act. UPDATE: on Friday July 14th, 2023 The Department of Education under President Biden …
vendor or subcontractor refused to fill out a W-9 form? In the event that a vendor or subcontractor refuses to complete a W-9 form, there are certain steps you can take to handle the situation appropriately: Ensure that you have made a written request for the vendor to fill out a W-9 form. It is …
Tax season is when scammers try to take advantage of people by tricking them into giving up critical personal and financial information, usually through emails and text messages. To help combat this problem, the IRS released a list of the “Dirty Dozen” scams to watch out for, with email and text message scams listed among …
Hello everyone, Murphy here! Unfortunately, inflation and interest rates have been rising this year. This means it has become vital to find ways to save money. With tax season just around the corner, your upcoming tax bill is an excellent place to start. So, let me walk you through some tips and tricks for maximum …
Here are a number of important tax dates you should be aware of. Read more to see if your tax situation falls into one of these dates. February 21, 2023 Michigan Personal Property Tax Returns Due for 2023. February 28, 2023 Michigan 2022 Form 5081 Sales, Use and Withholding Taxes Annual Return Due Date. March …
