The IRS issued a warning to Employers about third parties promoting improper employee retention credit claims.
If you are contacted by one of these third parties, please call Charles or Chris at 252-631-1410
Follow this link: https://www.irs.gov/newsroom/employers-beware-of-third-parties-promoting-improper-employee-retention-credit-claim
Background Taxpayers who wish to retire in their 50s may be motivated to aggressively save for retirement by maxing out 401(k) and IRA contributions. They do everything right, and they have enough money to fund retirement. There is just one problem: All their money is in qualified retirement accounts and any withdrawals will be subject…
*Biden Administration tax proposal for 2022* • Raise corporate tax rate from 21 percent to 28 percent • Eliminate credits, deductions and other tax provisions that are targeted towards encouraging oil, gas and coal production • Provide additional tax credits to extend and enhance renewable and alternate energy incentives • Establish new business tax credit…
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With residential real estate markets booming, many homeowners are piling up significant unrealized gains. That’s good news for those who are ready to sell, but there are tax implications. Thankfully, the Section 121 federal income tax gain exclusion break for principal residence sales is still on the books, and it’s a potentially big tax-saving deal…
Midyear Tax Planning Letter for Small Businesses The less hectic summer season is a good time to consider steps to cut your 2023 tax bill. Here are some planning strategies to consider, assuming our current federal tax regime remains in place through 2024. Establish a Tax-favored Retirement Plan If your business doesn’t already have a…