Urgent: Want an Electric Vehicle? Act by September 2025 If you’re considering the purchase of an electric vehicle for your business or personal use, now is the time to pay close attention. On July 4, the president signed the One Big Beautiful Bill Act that terminates...
Your Retirement Plan Exposes You to a $150,000 Penalty How would you like to owe the IRS a $150,000 penalty because you failed to file a simple two-page form? It can happen all too easily if you have a solo 401(k) or another self-employed retirement plan. If you’re...
IRS Makes It Harder to Use the Section 530 Safe Harbor It can cost you a bundle if you misclassify a worker as an independent contractor instead of an employee for federal employment tax purposes.The IRS can make you pay back payroll taxes plus penalties—in some...
Alert: California, Illinois, and New York Laws Require Written Freelance Agreements If your business hires freelance workers—also known as independent contractors—you need to be aware of new laws now in effect in California, Illinois, and New York. These laws are...
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...
