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New law increases deduction limit for corporate cash contributions for disaster relief; IRS provides recordkeeping relief

by [email protected] | Apr 9, 2025 | Taxes

The Internal Revenue Service today explained how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit. Read More...

Balance Sheet vs. Profit and Loss Statement: What is the Difference?

by [email protected] | Apr 9, 2025 | Taxes

The balance sheet and the profit and loss (P&L) statement are two of the three financial statements companies issue regularly. Such statements provide an ongoing record of a company’s financial condition and are used by creditors, market analysts and...

Common Mistakes People Make On Their Taxes

by [email protected] | Apr 9, 2025 | Taxes

As tax day approaches, you make sure all your W-2 forms, deductions, and other paperwork are in order, and you will file the perfect mistake-free return this time. Well, that’s not always the case as minor mistakes can happen, and most of the time, they are fairly...

Here’s what taxpayers should do if they have missing or incorrect documents

by [email protected] | Apr 9, 2025 | Taxes

Taxpayers should double-check to make sure they have all their documents before filing a tax return. Taxpayers who haven’t received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for...

IRS Statutes of Limitations for Tax Refunds, Audits, and Collections

by [email protected] | Apr 9, 2025 | Taxes

The Internal Revenue Service gives itself plenty of time to make sure your tax situation is on the up-and-up. The tax code gives the IRS three years to audit your tax return and 10 years to collect any tax you might owe. It also sets a deadline for you—when you must...

IRS warns anew of 2021 tax scammers: very active and very creative

by [email protected] | Apr 9, 2025 | Taxes

Tax season has arrived along with scams aiming to steal your identity. The latest scam targets Electronic Filing Identification Numbers or EFINs, the IRS warned. Tax professionals and their clients are particularly at risk, the IRS said. By stealing client data and...

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Latest News from Our Team

New law increases deduction limit for corporate cash contributions for disaster relief; IRS provides recordkeeping relief

Balance Sheet vs. Profit and Loss Statement: What is the Difference?

Common Mistakes People Make On Their Taxes

Here’s what taxpayers should do if they have missing or incorrect documents

IRS Statutes of Limitations for Tax Refunds, Audits, and Collections

IRS warns anew of 2021 tax scammers: very active and very creative

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