The Consolidated Appropriations Act (CAA), 2023 that just passed Congress includes the retirement package, SECURE 2.0. Here are the major changes that can affect you and/or your small business:

The Saver's Credit is becoming the Saver's Match for tax years beginning after December 31, 2026

One of the biggest headaches that those of us who design and maintain websites have are spammers. Those nefarious people who try to invade your website and use your servers to send out their junk to the masses. Since I maintain my own virtual private server (VPS), one of the biggest problems was spending the time to go in and delete the bogus accounts that were created or checking the logs to see if someone had found a way to insert malicious code into the site.

One of the most common questions I get from people opening a business for the first time is, 'How do I deduct all of the many expenses incurred before the business actually opens its doors?' Most of these can be handled as either start-up expenses or organizational expenses. You can think of organization expenses as creating the paperwork part of a business and start-up expenses as setting up the physical structure of a business.

I sometimes run into clients who have to take large distributions from their traditional IRAs and it bumps them into higher tax brackets even though they don't really need the money to live on. Here is one solution to avoid some of that taxation and do some good for the world.

The IRS charges interest on a variety of non-compliance issues and adjust them quarterly based on how the economy is doing. These apply to both personal and business returns.

In their effort to control more of our lives, the Biden administration has chosen to change the rules on determining if people are considered employees or self-employed - and it could cost businesses massive amounts of money that have been employing people as independent contractors.

In addition to the more than 4,000 people recently hired to fill critical customer service representative positions, the Internal Revenue Service is now seeking over 700 new employees to help taxpayers at Taxpayer Assistance Centers across the country.

The IRS is gearing up to get their share of digital profits. Not only are they requiring brokerage companies to report sales of digital assets, but now their is a new check box on the upcoming tax forms. When you do your taxes for 2022 next spring, you must check “yes” or “no” to the digital asset question on the front of Form 1040.

Digital assets are digital representations of value that are recorded on a cryptographically secured distributed ledger or similar technology. Examples of digital assets are:

Many people work for a family member, whether it's a child helping out at their parent's shop or spouses running a business together. When someone is employed by a family member, the tax implications depend on the relationship and the type of business. It's important for taxpayers and employers to understand their tax situation.

The Internal Revenue Service has warned taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information.

So far in 2022, the IRS has identified and reported thousands of fraudulent domains tied to multiple MMS/SMS/text scams (known as smishing) targeting taxpayers. In recent months, and especially in the last few weeks, IRS-themed smishing has increased exponentially.

This tax court ruling shows how important it is you have a tax advisor that is well versed in business returns.