Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
A new credit is available for energy-efficient home improvements that began after Jan. 1, 2023. The credit is equal to 30% of qualified expenses, including: The maximum credit that can be claimed each year is: There’s no … [Read more...] about Energy-Efficient Home Improvement
In February, a significant decision by the U.S. Supreme Court had a profound impact on the penalties imposed by the IRS for the non-willful failure to file a Report of Foreign Bank and Financial Accounts (FBAR) by the April 15 deadline. The court … [Read more...] about FBAR Penalties Curtailed
The IRS intends to classify nonfungible tokens (NFTs) as collectibles rather than capital assets for tax purposes, but only when the rights associated with an NFT meet the criteria of collectibles. This differentiation holds significance for … [Read more...] about Tax Treatment of NFTs
The Corporate Transparency Act (CTA), passed in 2021, mandates that a vast number of entities disclose their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) by the end of 2024. A beneficial owner is an … [Read more...] about Beneficial Ownership Reporting
Many employers forget or are unaware there are employee forms and records they must keep on record to avoid unnecessary penalties. There are several forms employees need to complete for employers. An employer should have the following forms and … [Read more...] about Payroll Forms for Employers
The IRS has published a roster of plug-in and fuel-cell vehicles that may qualify for new clean vehicle tax credits if purchased by eligible taxpayers in 2023. The list encompasses vehicles from 19 manufacturers and the maximum manufacturer's … [Read more...] about Clean Vehicle Credits Available
