An educational assistance program that is offered by an employer must be one that is a written plan PDF to provide employees with undergraduate or graduate-level educational assistance. These programs allow employers to pay student loan debt and other education expenses tax-free. Eligible expenses Educational assistance programs can help pay for: Loan payments These programs can be used to pay principal and interest … Read More

The Internal Revenue Service (IRS) has issued a critical alert regarding an emerging fraudulent scheme involving the misappropriation of clean energy tax credits established under the Inflation Reduction Act (IRA). This sophisticated scam exploits the transferability provisions of the IRA, which allow for the purchase of eligible federal income tax credits derived from clean energy investments. Unscrupulous tax preparers are … Read More

Dealing with tax season can be stressful, but one question often lingers long after filing your returns: how long should I keep tax returns and related documents? The answer depends on your specific situation, but following some simple guidelines can ensure you’re prepared if the IRS comes knocking. How Many Years of Tax Returns Should You Keep? As a general … Read More

Fun Accounting Facts you may not have known about! Accounting tends to be much of an afterthought in today’s society. Maybe seen as a little boring? Try running a business without it, or see how well your own household finances fair neglecting it. However, accounting is a discipline that crucial to our economy and way of life. Accounting can be … Read More

Taxpayers have the right to pay no more than the correct amount of tax The IRS works hard to make sure taxpayers pay no more than the correct amount of tax. Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. This is … Read More

What taxpayers need to know about digital asset reporting Taxpayers filing 2023 tax returns must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer.A digital asset is a digital representation of … Read More