Category: Tax Accounting

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

What Small Business Owners Actually Need to Know  An IRS audit is a formal review of an individual’s or organization’s financial accounts to ensure information is reported correctly according to tax laws. Put simply, it is the government verifying that your reported tax liabilities match your actual financial reality. For high-income earners and business owners, understanding this process turns a … Read More

In 2014 the IRS adopted a Taxpayer Bill of Rights. It applies to all taxpayers in their dealings with the IRS. The Taxpayer Bill of Rights groups the existing rights in the tax code into ten fundamental rights, and makes them clear, understandable, and accessible. The Taxpayer Bill of Rights is the 10 rights all taxpayers have any time they interact with … Read More

Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. Some tax credits, such as the Earned Income Tax Credit, … Read More

Maximizing Your Tax Efficiency In the ever-evolving landscape of taxation, finding ways to minimize your tax burden legally is essential for both individuals and businesses. TYS is here to guide you through the most important strategies to help you optimize your tax efficiency while staying within the bounds of the law. In this comprehensive guide, we will explore key tax-saving … Read More

Things to consider when choosing a tax return preparer Once you have selected a tax preparer, look for these traits. Good preparers ask to see records and receipts. They’ll also ask questions to determine the client’s total income, deductions, tax credits and other items. As a taxpayers should avoid a tax return preparer who e-files using pay stubs instead of … Read More