Month: December 2021

Farmers And Ranchers Affected By Drought Have Additional Time To Replace Livestock <h1><strong>Farmers And Ranchers Affected By Drought Have Additional Time To Replace Livestock</strong></h1>  Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here …

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Small Business Advertising And Marketing Costs May Be Tax Deductible <h1><strong>Small Business Advertising And Marketing Costs May Be Tax Deductible</strong></h1>  The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include expenses for advertising and marketing. Here are some details about this valuable …

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The Tax Responsibilities That Come With Shutting Down A Business <h1><strong>The Tax Responsibilities That Come With Shutting Down A Business</strong></h1>  There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take …

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IRS Issues Alert On Improper Corporate Domestic Production Activities Deduction Refund Claims <h1><strong>IRS Issues Alert On Improper Corporate Domestic Production Activities Deduction Refund Claims</strong></h1>  WASHINGTON — IRS officials issued an alert today concerning amended returns and claims for the Domestic Production Activities Deduction (DPAD). This provision of tax law was repealed as part of the …

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IRS Releases Reporting Guidance For Partnership Interests Held In Connection With The Performance Of Services <h1><strong>IRS Releases Reporting Guidance For Partnership Interests Held In Connection With The Performance Of Services</strong></h1>  WASHINGTON — The Internal Revenue Service today posted detailed reporting directions for certain passthrough entities and taxpayers reporting of partnership interests held in connection with …

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IRS Help For Employers Wanting To Rehire Retirees Or Keep Them After Retirement Age <h2><strong>IRS Help For Employers Wanting To Rehire Retirees Or Keep Them After Retirement Age</strong></h2><p style=”background: white; margin: 0in 0in 7.5pt 0in;”>The IRS reminds employers they generally won’t jeopardize the tax status of their pension plans if they rehire retirees or permit …

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Publications Help Taxpayers Get Ready And Stay Ready For Tax Filing Season <h2><strong>Publications Help Taxpayers Get Ready And Stay Ready For Tax Filing Season</strong></h2>  With the tax filing season almost here, taxpayers should check out two IRS publications available on IRS.gov. These publications can help people get prepared and stay organized with tips for year-round …

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Tips To Help Taxpayers Choose A Reputable Tax Return Preparer <h1><strong>Tips To Help Taxpayers Choose A Reputable Tax Return Preparer</strong></h1>  As taxpayers get ready to file their 2022 tax return, they may be considering hiring a tax return preparer. The IRS reminds taxpayers to choose a tax return preparer wisely. This is important because taxpayers are responsible …

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Tax Professionals Should Review Data Safeguards <h1><strong>Tax Professionals Should Review Data Safeguards</strong></h1>  With the tax filing season around the corner, the IRS and its Security Summit partners remind tax pros to review their security measures. The Taxes-Security-Together Checklist can help tax professionals identify the basic steps they should take to safeguard their clients and their business. Here’s an overview …

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Small Security Measures That Make A Big Difference When It Comes To Online Safety <h1>Small Security Measures That Make A Big Difference When It Comes To Online Safety</h1>Cybercrime is a constant concern in the online world which means everyone <a href=”https://www.irs.gov/newsroom/tax-scams-consumer-alerts&#8221; data-entity-substitution=”canonical” data-entity-type=”node” data-entity-uuid=”8a6e6ea4-9558-49f6-bdc8-eaa75cf31823″>must be mindful of risks</a> when they share devices, shop online and interact on …

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