Intangible assets: How must the costs incurred be capitalized?
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so...
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ConnollySteele
- Oct 5, 2022
- 2 min
Investing in the future with a 529 education plan
If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs,...
ConnollySteele
- Oct 3, 2022
- 3 min
Worried about an IRS audit? Prepare in advance
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation...
ConnollySteele
- Sep 26, 2022
- 2 min
Work Opportunity Tax Credit provides help to employers
In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and...
ConnollySteele
- Aug 17, 2022
- 2 min
An “innocent spouse” may be able to escape tax liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s...
ConnollySteele
- Jul 27, 2022
- 2 min
How to avoid the early withdrawal tax penalty on IRA distributions
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early...
ConnollySteele
- May 3, 2022
- 2 min
Valuable gifts to charity may require an appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to...
ConnollySteele
- May 2, 2022
- 2 min
Businesses may receive notices about information returns that don’t match IRS records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that...
ConnollySteele
- Feb 16, 2022
- 2 min
Married couples filing separate tax returns: Why would they do it?
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax...
ConnollySteele
- Feb 2, 2022
- 3 min
The Ins and Outs of IRAs
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed...
ConnollySteele
- Jan 31, 2022
- 3 min
Keeping meticulous records is the key to tax deductions and painless IRS audits
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you...
ConnollySteele
- Jan 26, 2022
- 2 min
Smooth sailing: Tips to speed processing and avoid hassles this tax season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips...
ConnollySteele
- Jan 20, 2022
- 2 min
Numerous tax limits affecting businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown...
ConnollySteele
- Jan 18, 2022
- 3 min
Help safeguard your personal information by filing your 2021 tax return early
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being...
ConnollySteele
- Dec 27, 2021
- 2 min
Will the standard business mileage rate go up in 2022? Yes!
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for...
ConnollySteele
- Dec 4, 2021
- 2 min
With year-end approaching, 3 ideas that may help cut your tax bill
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are...
ConnollySteele
- Nov 27, 2021
- 3 min
New digital asset reporting requirements will be imposed in coming years
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting...
ConnollySteele
- Nov 23, 2021
- 2 min
Infrastructure law sunsets Employee Retention Credit early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has...
ConnollySteele
- Sep 28, 2021
- 2 min
M&A transactions: Be careful when reporting to the IRS
Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to...
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- Sep 1, 2021
- 2 min
Want to find out what IRS auditors know about your business industry?
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the...
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