Tax Provisions in the Infrastructure Investment and Jobs Act

While the Infrastructure Investment and Jobs Act of 2021 (IIJA) is primarily a bill that improves roads, bridges, and transit, as well as authorizing additional funding for energy, water, and broadband improvement, there are some tax-related provisions included. Employee Retention Credit Changes The Employee Retention Tax Credit

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The “Dirty Dozen” IRS Tax Scams

Each year, the IRS unveils its list of scams that target unsuspecting taxpayers.  Below are five of the most common tax scams impacting taxpayers today, as well as tips to not become a victim: Fake Charities are created to exploit natural disasters and other situations such as

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What Happens if the IRS Prepares Your Tax Return?

Have you ever wondered what happens if someone never files a tax return?  The IRS has the ability to create a return on your behalf called a Substitute for Return or SFR. Generally, unless you are self-employed, it’s easy for the IRS to create a return for

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Updates to the Employee Retention Credit

In early August of this year, the IRS released additional guidance on the Employee Retention Credit.  For 2021, the credit was expanded to allow businesses to receive a credit of up to $7,000 per employee per quarter if their operations were fully or partially shut down by

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Are Gains on Cryptocurrency Taxable?

The short answer to this question is: of course!  As cryptocurrency has become a more popular investment vehicle among younger investors, this is a good question and one that is getting more attention from the IRS. Buying and selling crypto, just like buying and selling a share

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PPP Forgiveness – Timing and Deadlines

If your business received Paycheck Protection Program (PPP) funds as part of the COVID-19 pandemic and you still have not applied for or received forgiveness, you may be wondering about the deadline and/or next steps.  While some banks may be pressuring you to apply for forgiveness right

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Child Tax Credit Payouts – What to Expect

The Child Tax Credit (CTC) is not new, but it was expanded as part of the American Rescue Plan Act of 2021, and you may be wondering what that means and how it will impact your situation.  The biggest takeaway is that instead of waiting until filing

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Business Expenses – What is NOT Deductible?

While it seems like a straightforward question, there can sometimes be confusion about what expenses can be deducted from your business for tax purposes and what expenses cannot be.  Deductions are critical in helping to lower your tax bill, but knowing what expenses you can deduct is

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