Deducting Disaster Losses for Individuals: Navigating the Rules The federal tax law provides relief if a disaster—such as a fire, flood, or hurricane—damages your personal (non-business) property, including your home, belongings, and vehicle. You may be able to deduct... Almost the Last Chance to Claim the 2021 Employee Retention Credit! If your business has not yet claimed the 2021 Employee Retention Credit (ERC), you still have time—but you must act soon. What Is the ERC, and How Much Can You Claim? The ERC is a refundable tax... Can Real Estate Professional Status Free Up Old Passive Losses? Deducting your rental property tax losses against your other income is tricky, as you likely know. You have to get the tax law to treat you—say, a computer engineer—as a tax-code–defined real estate... Game On: TCJA Winners and Losers—Business on the Chopping Block Prepare for tax changes. There is considerable uncertainty regarding the legislative agenda and which of the expiring provisions will be allowed to expire or extended by the new administration. We expect... We are writing to inform you of a recent development regarding Beneficial Ownership Information (BOI) reporting. A federal court in Texas has issued an injunction suspending the BOI reporting requirements nationwide. At this time, the final ruling remains uncertain,... 2024 Last-Minute Year-End General Business Income Tax Deductions The purpose of these strategies is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll... 
