1099-K Reporting Requirement Delayed for 2023; New, Phased-In Approach for 2024

The IRS delayed implementing new, lower reporting requirements for Form 1099-K in 2023 and announced a phased-in approach for 2024.

2023-12-04T09:30:18-05:00December 4, 2023|Categories: Tax: Individual|Tags: |

IRS Delays Roth Catch-Up Contribution Rule

The IRS has delayed the new Roth catch-up contribution rule for high earners until 2026. This change provides a strategic window for retirement planning, especially as fewer than 20 percent of eligible employees still don’t utilize catch-up contributions.

2023-11-15T17:53:25-05:00November 15, 2023|Categories: Retirement, Tax: Business|Tags: |

Employee Retention Credit Processing Halted by the IRS Amid Widespread Fraud

On September 14 2023, the IRS halted all new employee retention credit claims to combat rampant tax fraud. If a business has an open ERC refund claim, they are strongly encouraged to evaluate their eligibility with a professional tax advisor.

2023-10-05T17:27:45-04:00October 2, 2023|Categories: Tax Alert, Tax: Business|Tags: |

IRS Provides Tax Relief and Extension for South Carolina and Florida Taxpayers Impacted by Hurricane Idalia

IRS announces new Hurricane Idalia tax relief and a new February 15, 2024 tax deadline for all individuals and businesses in South Carolina. 

2023-10-05T17:28:40-04:00September 7, 2023|Categories: Tax Alert, Tax: Business, Tax: Individual|Tags: |

Deadlines for Claiming the Employee Retention Credit (and It’s Not July 31, 2023)

The deadline for claiming the Employee Retention Credit (ERC) is getting closer. If you are an eligible business or nonprofit organization, you still have time to determine your eligibility and file your claim. That time, however, will run out soon with strict filing deadlines coming up in 2024 and 2025.

2023-11-01T10:08:27-04:00July 20, 2023|Categories: Tax: Business, Tax: Credits & Incentives|Tags: , |

FTC Issues Consumer Alert on Franchising Myths for Potential Investors

The FTC recently issued a consumer alert on the five most troubling myths about investing in a new franchise.  Potential franchise investors should consider these myths when evaluating potential investments. 

2023-06-29T11:08:11-04:00June 29, 2023|Categories: Business Advisory, Hospitality, Restaurants|Tags: |

Bipartisan House Bill Seeks to Streamline Individual Tax Return Extension Requests and Payments

By Charles Dean Smith, Jr., CPA | Bipartisan proposed legislation would prevent individual taxpayers from incurring federal penalties for failing to accurately calculate estimated payments for current-year tax liability when requesting tax filing extension

2023-05-31T16:38:12-04:00May 31, 2023|Categories: Tax: Individual|Tags: , |
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