New Upcoming Requirement for Businesses that Receive Large Amounts of Cash
Does your business receive large amounts of cash or cash equivalents? If so, you are generally required to report these transactions to the IRS – and not just on your tax return. Beginning January 1, 2024, this reporting will have to be filed electronically....
What Can You Do to Lower Your 2023 Tax Obligation
Although summer is a time for vacations and relaxing in the backyard, you cannot afford to take a break from managing your tax bill. Now is a good time to consider proactive moves that could cut your 2023 tax liability. Assuming the current federal tax rules will...
Charitable Deduction Denied for Failing to Comply With Requirements
The U.S. Tax Court denied a charitable contribution deduction to a taxpayer for non-cash charitable contributions because the taxpayer did not comply with the reporting requirements. Background on the Deduction The Internal Revenue Code allows as a deduction any...
Charitable Deduction Denied for Failing to Comply with Requirements
The U.S. Tax Court denied a charitable contribution deduction to a taxpayer for non-cash charitable contributions because the taxpayer did not comply with the reporting requirements. Background on the Deduction The Internal Revenue Code allows as a deduction any...