IRS Announces ERC Withdrawal Process

If you own a business, you have probably been targeted by a scam trying to get you to claim the Employee Retention Credit (ERC). These scams have run rampant over the last year and have solicited business owners via email, telephone, and postal mail. Unfortunately some business owners have been tricked into improperly claiming an […]

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IRAs and Retirement Planning

It’s never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. A traditional IRA is the most common type […]

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Moratorium on Processing ERC Claims Declared

Due to rising concerns about a flood of improper Employee Retention Credit claims, the IRS has announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program in order to protect honest small business owners from scams. The IRS Commissioner ordered the immediate moratorium, to […]

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Reconstructing Financial Records After a Disaster

Natural disasters can strike without warning, and sometimes even the most diligent taxpayers are left without the important personal and financial records they need. People may need documentation for tax purposes, federal or state assistance programs or insurance claims. Here are some steps that can help you reconstruct your important records if you’re confronted with […]

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Educator Expense Deduction in 2023

It’s back to school season, which is also a good time to remind teachers, principals, and other educators about the educator expense deduction which they may be eligible for. If you are an educator, you may be able to deduct up to $300 of out-of-pocket classroom expenses for 2023 when you file your federal income […]

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Tax Deductions for Homeowners

The summer is prime time for buying or selling a house. If you purchased a home this year, here are a few tax deductions and programs that you might be eligible for. Deductible house-related expenses Most people take out a mortgage to buy their home and then make monthly payments to the lender. This mortgage […]

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