Claiming the R&D Tax Credit the Right Way
Every year, the IRS releases the “Dirty Dozen,” a list of tax scams and schemes on which the agency is choosing to focus. In the crosshairs this year is abuse of business tax credits. Says the IRS, “Improper claims for the research and experimentation credit generally involve failures to participate in, or substantiate, qualified research […]
Employee Retention Tax Credit Gets a Boost
The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its own rules and regulations for first- and second-round funding. The act changes some requirements for the ERC — retroactively and prospectively — giving businesses more options to claim it. […]
Is Your Homeowners Insurance Up-to-Date?
Homeowners insurance is meant to protect against disasters ranging from fire to theft to lawsuits, encompassing most injuries and damage that members of your family might cause to other people. Most insurance carriers even count pets as members of your family. How much insurance do you need? What would it take to rebuild your home? […]
What to Know About the SEP-IRA
An employer-sponsored retirement plan can be a great way for employers to show workers they care about employees’ long-term financial prospects while giving workers a way to save on their taxes. A simplified employee pension (SEP) plan lets business owners and self-employed individuals use a simple way to make contributions for retirement savings. SEP-IRAs come […]
IRS Offers Identity Protection PIN
The IRS can now give eligible taxpayers an “IP PIN,” a six-digit code to help prevent the misuse of Social Security numbers on fraudulent federal income tax returns. As the IRS explains, this PIN helps the agency verify a taxpayer’s identity and accept his or her electronic or paper tax return. Not everyone can get […]
