IRS has begun to accept applications for Low Income Taxpayer Clinic (LITC) matching grants from all qualified organizations. Eligible organizations can start applying from April 22, 2024, to June 12, 2024, for the grants awarded from Jan 2025 to Dec 2025.   What is Low Income Taxpayer Clinic (LITC)? Low-Income Taxpayer Clinics (LITCs) are organizations that provide free or low-cost assistance to low-income taxpayers who have disputes with the IRS or need help understanding and complying with their tax obligations. LITCs are typically independent from the IRS and offer services such as rep ..read more

Facing an IRS tax audit can be daunting for any business owner. However, understanding the process and being prepared can alleviate much of the stress. In this guide, we’ll delve into the intricacies of IRS tax audits for businesses, including what triggers them, the procedures involved, and potential outcomes.   What Prompts IRS Audits for Businesses? There are several reasons why IRS audits are initiated for businesses, which can range from random selection to specific indicators that draw the attention of IRS agents. These triggers are commonly observed. Red Flags: The IRS uses comput ..read more

As the Tax Season 2024 is here, so are potential scams and fraudulent activities, prompting the IRS to issue warnings about common schemes. Here’s a compilation of important facts about various scams and advice by the IRS for Tax Season 2024.   False Fuel Tax Credit Claims Taxpayers should be highly cautious of false Fuel Tax Credit claims, as warned by the IRS in its Dirty Dozen list for Tax Season 2024. Scammers often target individuals with promises of significant refunds through illegitimate claims for this credit, exploiting unawareness of its eligibility criteria. Vigilance, verific ..read more

In this tax season 2024, the IRS sets deadlines for taxpayers to pay their taxes, including estimated tax payments not subject to withholding. The first quarter estimated tax payment deadline for 2024 is April 15. This blog delves into the details of this deadline, its significance, who it affects, why it exists, penalties for non-compliance, exemptions, tools for estimation, required forms, and IRS support.   When is the Deadline? April 15 is the deadline for tax season 2024 to submit first quarter estimated tax payments to the IRS. This deadline is crucial for individuals and businesses ..read more

A solid grasp of tax laws and regulations is essential for businesses to effectively handle their financial matters. Nevertheless, even with meticulous attention, errors can occur, which may result in complications when it comes to complying with tax laws and regulations.  In a few circumstances, these errors might prompt a tax audit by the Internal Revenue Service (IRS). Failing an IRS audit can result in severe outcomes, such as monetary fines and harm to the organization’s image.  In this article, we’ll explore what could happen if a business fails an IRS audit, highlighting the i ..read more

The Internal Revenue Service (IRS) has instructed taxpayers to avoid errors on their federal tax returns and expedite their refunds for the Tax Season. These guidelines aim to assist in submitting returns that are thorough, precise, and free of mistakes.  To help you navigate through Tax Season 2024 smoothly, here are some tips to avoid tax return mistakes and optimize your refund.   GATHER ALL TAX DOCUMENTS Start gathering all necessary documents well before the 2024 tax filing deadline. This includes W-2 forms, 1099s, receipts for deductions, investment statements, and any other re ..read more

The Internal Revenue Service (IRS) administers the Advanced Manufacturing Investment Credit (AMIC) in Tax Season 2024.  The objective is to motivate businesses to upgrade their manufacturing processes, and thereby boost competitiveness and stimulate economic growth.   In the fast-paced industrial environment, staying ahead often necessitates significant investments in advanced manufacturing technologies.   What is Advanced Manufacturing Investment Credit? The AMIC (section 48D) is a targeted initiative under the Inflation Reduction Act (IRA) to boost the manufacturing ..read more

As the tax season 2024 approaches, the Internal Revenue Service (IRS) is actively reminding taxpayers across the country about the valuable opportunity to claim the COVID-era Recovery Rebate Credit for the tax years 2020 and 2021. This specific credit is designed as a refundable credit, targeting individuals who did not receive one or more of the Economic Impact Payments (EIPs) that were distributed in 2020 and 2021 as part of the government’s COVID-19 relief. For those who qualify and have not yet filed a tax return for those years, it’s important to act swiftly, as time is running out to cla ..read more

The Employee Retention Credit (ERC), or the Employee Retention Tax Credit (ERTC), is a tax credit scheme available to eligible businesses and tax-exempt organizations. Its purpose was to encourage businesses to retain their employees amidst the challenges posed by the COVID-19 pandemic.   Who is eligible? Employers who qualify can access the credit if they have paid qualified wages to their employees between March 12, 2020, and January 1, 2022. The eligibility criteria and the amount of credit that can be claimed depend on the timing of the business impacts. It’s important to note that th ..read more

In tax season 2024, the Internal Revenue Service (IRS) began to conduct thorough examinations on the utilization of corporate jets for personal reasons.  Chief Executive Officers (CEOs) and other top-level executives will fall under such IRS scrutiny.  This practice is a component of the IRS’s initiative to deter the misuse of corporate resources for individual benefits, as this could lead to inaccurate income reporting and tax fraud.   What is this Activity About? IRS is actively targeting CEOs who utilize office jets for personal reasons as part of their ongoing endeavors to g ..read more