Blog posts from: 2023
Using the “Cohan Rule” to take record-less deductions
Most taxpayers realize they must keep adequate records in order to substantiate tax deductions and credits. Adequate business records can also be critical for a host of other situations, i.e., insurance losses, wage and hour claims, and civil litigation, to...
Understanding and minimizing the chance of employee fraud
Do you ever wonder if any of your employees are capable of committing fraud? Trusted persons can become trust violators if three factors are present, often referred to as the “Fraud Triangle”: A secret need for cash. Whether it’s excessive...
ERC withdrawal process initiatied for those who may have been scammed
Internal Revenue Service is allowing small businesses who believe they may have entered the ERC process fraudulently or under incorrect guidance to withdraw without penalty. This new withdrawal option allows certain employers who filed an ERRC claim but have not...
Social Security wage base, COLA set for 2024
Seniors got some welcome news this week, when the Social Security Administration (SSA) announced a cost-of-living adjustment (COLA) of 3.2% for both Social Security and Supplemental Security Income (SSI) benefits beginning in January 2024. COLA, which is based on the consumer...
IRS pauses the processing of new Employee Retention Credit (ERC) claims
Internal Revenue Service has placed an immediate moratorium on processing new Employee Retention Credit (ERC) claims following growing concerns that a substantial share of these claims are ineligible and putting businesses at financial risk by being scammed by aggressive promoters....
You may qualify for monthly Medicare premium refund
Medicare premiums, Parts B and D, are based on a sliding scale of income known as, Income-Related Monthly Adjustment Amounts (IRMAA). Premiums are determined generally using income from two years prior (2022 premiums are based on 2020 IRS-reported income). If...
SR Client Question: Is there a time limit on claiming a tax credit or refund?
Answer: The latest date, by law, you can claim a credit or federal income tax refund for a specific tax year is generally the later of these two dates: 3 years from the date you filed your federal income tax...
Congratulations to our staff!
Forging clear career paths for our staff and providing opportunities to grow, learn, and discover new strengths is at the foundation of what it means to work at ShindelRock. We're thrilled to announce EIGHT of our teammates have been promoted...
Cash payments may trigger Form 8300 e-filing requirement in 2024
Guarding against tax evaders, drug traders, and those who finance terrorism, the IRS requires certain businesses that receive payments of more than $10,000 in cash to file a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade...
What to do when an IRS notice shows up in your mailbox
In the course of a typical person’s lifetime, they likely have very little interaction with the IRS. However, it is possible to receive a legitimate written piece of correspondence from the IRS. What next? The most important response is to...