“If we learn nothing else from this tragedy, we learn that life is short and there is no time for hate.” - Sandy Dahl, the wife of Flight 93 pilot Jason Dahl
#NeverForget
If your business is victimized by theft, embezzlement or internal fraud, you may be able to claim a tax deduction for the loss. But there are requirements that must be followed as one U.S. Tax Court decision illustrates. bit.ly/3l2V4Kj
Timeline PhotosThe IRS recently issued further guidance on the Employee Retention Credit. This includes guidance for employers who pay qualified wages after June 30, 2021 and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021.
For more details, click here:
go.usa.gov/xFATu
To prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” These guides are available on the IRS website. So your business can use them to gain insight into what the IRS is looking for in terms of compliance. Many ATGs target specific industries, such as architecture, art galleries and veterinary medicine. Others address issues that frequently arise in audits, such as executive compensation and passive activity losses. The IRS has revised or added new guides this year, including for construction and retail. For a complete list of ATGs: bit.ly/2rh7umD
If you’re a business owner and getting divorced, tax issues can complicate matters. Your business interests are one of your biggest assets and in many cases, your marital property will include all or part of it. You can generally divide most assets, including business ownership interests, between you and your soon-to-be ex-spouse without any federal income or gift tax consequences. When an asset falls under the tax-free transfer rule, the spouse who receives the asset takes over its existing tax basis and existing holding period. Later on, there will be tax implications for assets received tax-free in a divorce. bit.ly/3zgUrCD
Mother Nature didn’t exactly cooperate but an indoor summer picnic was just as fun!
Miss those faces!! Can’t wait to see you Monday!!!!!
Truckers must file highway use tax form this month
Truckers must file highway use tax form this month
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The IRS is reminding drivers and fleet owners about the Aug. 31 deadline for Form 2290.What if you guarantee a loan to your closely held corporation? Before agreeing to act as a guarantor of a debt of your corporation, be aware of the possible tax consequences. If the business defaults on the loan, and you make good on the obligation, the payment of principal or interest generally results in either a business or a nonbusiness bad debt deduction. If it’s a business bad debt, it’s deductible against ordinary income. A business bad debt can be either totally or partly worthless. If it’s a nonbusiness bad debt, it’s deductible as a short-term capital loss (subject to certain limitations). A nonbusiness bad debt is deductible only if it’s totally worthless. bit.ly/3mcsSH0