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Brendon Landi

As COVID-19 benefits provided to taxpayers and businesses are being phased out, one particular change may take some business owners by surprise.  In 2021, the Consolidated Appropriations Act provided temporary increased deductibility of certain business meal expenses for 2021 and 2022.  However, as we have now moved out of this temporary time frame, the deductibility of meals and entertainment return to pre-2021 regulations set forth by the Tax Cuts and Jobs Act of 2018.  Now I’m sure you’re asking yourself, “Well what can I deduct?”  The answer to this question actually depends on the circumstances.
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Gentle Readers,
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This is likely my shortest missive of all time. Don’t dismay: if I survive the April tax deadline (and I always do), I’ll be back with long and windy articles with breathtaking insights and commentary. However, today my message is short and sweet.

You must return the signed Form 8879 before your tax preparer can file your return!! 
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Lena Rozzi, CPA •

​So you’ve prepared your return and you owe the IRS but you don’t have the money to pay. Now what? 
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The feeling of having to pay taxes, especially when you owe more than you were expecting, can be a dreadful feeling and can leave some taxpayers in a financial bind, but there are steps that you can take to reduce the burden and the stress of owing money to the IRS. First off, don’t panic. Instead consider these steps for settling your tax debt and getting yourself back on track with the IRS.

In December 2022, the IRS released answers regarding the improved Energy Efficiency Home Improvement and Residential Clean Energy Property Credits imposed with passage of the Inflation Reduction Act (IRA). These new credits went into effect starting January 1, 2023.

Over the past few years, cryptocurrency has been a complex tax issue that the IRS has been trying to deal with. Recently, the IRS has provided more clarity on what is considered cryptocurrency and what needs to be reported on an individual’s 1040 individual income tax form.