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Many states throughout the United States have implemented what are referred to as “pass-through entity tax elections” (PTET elections), since the proposed regulations outlined in IRS Notice 2020-75 were made
This year, not only is Memorial Day being celebrated on May 29, but it is also the date for an unofficial holiday, “529 Day.” Several states are marking the occasion
Even the best of us can make a mistake or two when it comes to filing and paying taxes. Anyone from your next-door neighbor to the most popular celebrity could
On March 31, 2023, the IRS and Treasury Department released long-awaited proposed guidance to provide clarification on the New Clean Vehicle Credit enacted under the provisions of the Inflation Reduction
A recent post discussed how many states are providing options for pass-through entities (S corporations, partnerships, or LLCs treated as S corps or partnerships for federal income tax purposes) to
Taxpayers can file a form with the IRS to request additional time to complete their tax returns. (See our related post for links to the appropriate forms and filing deadlines
When “tax day” is mentioned, most people think of April 15. However, there are some exceptions to this deadline as well as other filing dates for different types of taxpayers.
On February 6, 2023, the Internal Revenue Service (IRS) issued Notice 2023-13, which contains a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program, a voluntary
Schedule K-2 is an extension of Schedule K and is used to report items of international tax relevance from the operation of a partnership or S corporation. Schedule K-3 is
According to the Small Business Administration Office of Advocacy, there were 33.2 million small businesses in the United States as of 2022. These businesses employ 61.7 million people and represent
Most of us have visited coffee shops, ice cream parlors or other small businesses that have jars out on the counter to collect tips for the team members’ college funds,
Prior to the Tax Cuts and Jobs Act (TCJA) in 2017, generally there was no limit to the amount of state and local taxes (SALT) that an individual taxpayer could
