By Mopria Alliance Although we’re almost half way through 2024, the year will only get busier, so now is a great time to take a quick pause to look ahead and create some structure that prepares us for success. So what are some dates every business owner should plan for in 2024? Read on for…
The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business. Here are some tips for new entrepreneurs. Choose a business structure The form of business determines which…
Once people complete and file their tax return, many of them eagerly await any refund they may be owed. Knowing fact from fiction can help manage expectations as they wait for their money. Myth: Calling the IRS, a tax software provider or a tax professional will provide a more accurate refund date. Fact: The best…
Form 7004 can be e-filed through the Modernized e-File (MeF) platform. All the returns shown on Form 7004 are eligible for an automatic extension of time to file from the due date of the return. The IRS Form 7004 offers businesses an extension of time that can vary from 5 to 7-Months extension after the…
When a taxpayer can’t pay their full tax liability or if paying would cause financial hardship, they may want to consider applying for an Offer in Compromise. This agreement between a taxpayer and the IRS settles a tax debt for less than the full amount owed. The goal is a compromise that’s in the best…
Taxpayers filing 2023 tax returns must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer. A digital asset is a digital representation of value that is…
The lifetime learning credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses — including courses to acquire or improve job skills. There is no limit on the number of years you can claim the…
Taxpayers who can’t pay their tax bill by the April 15, 2024, deadline shouldn’t panic. The IRS offers several options to help them meet their obligations. It’s important for taxpayers to file their tax return or request an extension of time to file at IRS.gov/extension by the April 15, 2024, deadline – even if they…
If you provide childcare services to your employees, you may be eligible for this general business credit. It covers qualified expenditures for a childcare facility and for childcare resource and referral. The Employer-Provided Childcare Credit offers employers a tax credit up to $150,000 per year to offset 25% of qualified childcare facility expenditures and 10%…
The IRS urges businesses to review their eligibility for the Employee Retention Credit because there’s limited time for them to voluntarily resolve incorrect claims and avoid future issues, such as penalties and interest. Some honest businesses were misled into filing claims for the Employee Retention Credit by promoters who often misrepresented or oversimplified eligibility rules….
