The IRS Offer-in-Compromise (OIC) program can be a great opportunity if you owe the IRS money you don’t have. However, some scam artists are getting in on the action and “selling” OICs that aren’t real. The IRS OIC program, a genuine option for taxpayers who can’t afford to pay their full tax debt, allows you […] The post Beware of Offer-in-Compromise (OIC) Scams appeared first on San Antonio CPA | Forensic Investigative Accounting | Litigation Support ..read more

There’s good reason 90% of taxpayers claim the standard deduction: It more than covers what most Americans can deduct on their own. However, in certain years, some taxpayers may want or need to itemize instead. The standard deduction for 2024 is $14,600 ($29,200 for married couples) and a bit more if you’re 65 or older. […] The post 7 Reasons to Itemize Deductions appeared first on San Antonio CPA | Forensic Investigative Accounting | Litigation Support ..read more

The IRS has announced a limited-time reopening of its Voluntary Disclosure Program (VDP) for businesses that incorrectly claimed Employee Retention Credit (ERC). It’s a chance for businesses that may have fallen victim to ERC promoters to correct improper payments at a 15% discount and avoid future audits, penalties, and interest. “During the first disclosure program […] The post ERC Voluntary Disclosure Temporarily Returns appeared first on San Antonio CPA | Forensic Investigative Accounting | Litigation Support ..read more

You can safely assume that, in one form or another, your personal data has been leaked online. If it wasn’t apparent before, it’s undoubtedly become clear with the revelation that nearly 3 billion Social Security numbers (SSNs) and other sensitive personal information have been leaked onto the dark web in a National Public Data breach. […] The post Your Social Security Number Is at Heightened Risk for Theft appeared first on San Antonio CPA | Forensic Investigative Accounting | Litigation Support ..read more

Business losses can occur for a variety of reasons. They could be the result of financial challenges, but losses can also happen when you take chances, expand, or grow in ways that are necessary to trigger more success. Whatever the reason for your business losses, do not overlook opportunities to use those losses to offset […] The post The Tax Benefits of a Net Operating Loss (NOL) appeared first on San Antonio CPA | Forensic Investigative Accounting | Litigation Support ..read more

TurboTax and H&R Block started using artificial intelligence (AI) chatbots to give tax advice. The potential results? Dramatically inaccurate tips that could lead to an audit. Consider this your reminder to rely on real CPAs. Washington Post reporter Geoffrey A. Fowler decided to put TurboTax’s “Intuit Assist” and H&R Block’s “AI Tax Assist” to the […] The post Dangers of AI-Powered Chatbot Tax Advice appeared first on San Antonio CPA | Forensic Investigative Accounting | Litigation Support ..read more

Over the past few years, the SECURE and SECURE 2.0 Acts dramatically changed the rules for qualifying inherited retirement plans, including IRAs. The IRS finally released guidance clarifying some of the major sticking points for fund owners and their beneficiaries. In the past, non-spouse beneficiaries inheriting qualifying retirement plans could stretch their distributions over their […] The post IRS Offers Tax Guidance for Inherited Retirement Accounts appeared first on San Antonio CPA | Forensic Investigative Accounting | Litigation Support ..read more

San Antonio native Mark Lopez can’t recall a time he didn’t envision himself following the footsteps of his father, a project manager, into the construction business. He remembers visiting his dad on construction sites as often as he could. So, when he got the chance to be a surveyor for his father’s employer, he jumped […] The post Concepts Construction appeared first on San Antonio CPA | Forensic Investigative Accounting | Litigation Support ..read more

The Employee Retention Credit (ERC) was a lifeline for businesses during the COVID-19 pandemic, but things went south due to widespread fraud and abuse. If you’re still waiting for an ERC credit or are now questioning your eligibility, here’s what you should know. The ERC offered substantial tax credits to employers who kept workers on […] The post Still Waiting for Your Employee Retention Credit? appeared first on San Antonio CPA | Forensic Investigative Accounting | Litigation Support ..read more

If you own a family business that’s been growing or seems poised for growth, you’re not alone. You’re also not alone if you feel more worried or concerned than ever, even while your revenue and headcount trend upward. For a small business owner, it comes with the territory. Newly released data from the bipartisan group […] The post Family Business Growth Through Uncertainty appeared first on San Antonio CPA | Forensic Investigative Accounting | Litigation Support ..read more