The IRS shared new steps the agency is taking to prevent honest taxpayers from falling victim to Employee Retention Credit (ERC) scams. The IRS continues to warn small businesses about aggressive promoters encouraging filing potentially ineligible claims. The IRS urges small businesses to check with a trusted tax professional about ERC instead of relying on a promotion company. [...]
WASHINGTON — The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia, anywhere in South Carolina. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. This is similar to relief already being provided in most of Florida. The [...]
Former IRS Commissioner Mark Everson compares the efforts of the IRS to go paperless to the interstate highway system of the 1960s, when he was a child. "You would drive from New York, where we lived, and I-95 ended in Providence," he said in an interview with JofA. "You'd be doing great and then, all of the [...]
No one is saying that permanent whole life insurance is the greatest invention since the wheel was created. But this estate planning concept—which has seemingly been around since the dawning of time—does offer significant financial and tax benefits. Background: Although there are many variations of permanent whole life insurance, let’s stick with the basics. Typically, [...]
Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit. Many of these ads wildly misrepresent and exaggerate who can qualify for the ERC, which is sometimes also called [...]
Maintain Regular Hours...Most of the Time Set a schedule and stick to it...most of the time. Having clear guidelines for when to work and when to call it a day helps many remote workers maintain a work-life balance. That said, one of the best benefits of remote work is flexibility when the job allows for it. [...]
Stock markets ended the week lower - Stock markets ended a multi-week winning. The Nasdaq had closed higher for nine straight weeks. The Bank of England raised rates by 1/2% which surprised economists. U.S. Federal Reserve Chairman Powell testified in Congress this week. He stated that further rate hikes would be necessary. These moves ignited recession [...]
Maximizing Leadership Potential through Deliberate Decision Making is crucial for business growth. As an executive coach for the last 30 years, I will share with you why it’s so important to make deliberate decisions, especially in today’s fast-paced business landscape. I have witnessed leaders who are often faced with the pressure to make rapid decisions [...]
STOCK MARKETS: Stock markets closed with mixed results this week. The Dow is down, the S&P is flat, and the Nasdaq is higher. 2023 is turning out to be a banner year for the tech-heavy Nasdaq. All markets were lower before rallying on Friday when President Biden told reporters that a deal to raise the [...]
Household debt rose to new levels in 20 years — jumping $394 billion in the fourth quarter of the year alone — driven by credit card balances and auto loans. A February 16 report from the Federal Reserve Bank of New York's Center for Microeconomic Data(opens in new tab), highlighted that U.S. household debt hit a [...]