by Small Business Accounting & Tax LLC | Apr 10, 2023 | Tax Tips and News
The Internal Revenue Service has released its annual Dirty Dozen list of the top scams and schemes posing threats to taxpayers and tax pros, and this year sees some new schemes among the known scams from previous lists. While not ranked by importance or enforcement...
by Small Business Accounting & Tax LLC | Apr 5, 2023 | Tax Tips and News
The Inflation Reduction Act of 2022 (IRA) updated the Clean Vehicle Credit to make US-manufactured electric and fuel cell vehicles more attractive to American car buyers. Since provisions in the legislation changed several qualifying requirements that take effect in...
by Small Business Accounting & Tax LLC | Mar 27, 2023 | Tax Tips and News
The IRS recently published a tax tip explaining Form 1099-K, covering why taxpayers receive it, how to address incorrect forms, and recent updates to reporting rules. This update comes almost three weeks after reports emerged that some taxpayers received incorrect...
by Small Business Accounting & Tax LLC | Mar 25, 2023 | Tax Tips and News
Identity theft usually takes center stage during most tax-scam discussions. After all, so much of our personal and professional lives take place online in emails, texts, and direct messages—all of which are ripe targets for phishing attacks. However, not all identity...
by Small Business Accounting & Tax LLC | Mar 21, 2023 | Tax Tips and News
New technology could improve tax return processing time at the IRS Paper returns have historically been slower to process due to the Internal Revenue Service having to manually transcribe information, leading taxpayers who want to more quickly receive their refund to...
by Small Business Accounting & Tax LLC | Mar 14, 2023 | Tax Tips and News
Taxpayers with foreign bank accounts who forgot to file an annual Report of Foreign Bank and Financial Accounts (FBAR) received some good news at the end of February. In Bittner v. United States, the Supreme Court ruled that the penalty for nonwillful failure to file...
