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Why You Should Exercise Caution When Investing in Crypto
Driven by an increased interest in cryptocurrency, little regulatory oversight and the constant introduction of new coins, cryptocurrency fraud could reach unprecedented levels in 2025. Fraud perpetrators no longer need to rely only on phishing attacks or counterfeit coins — they’re now using artificial intelligence to scam crypto investors. Unfortunately, many law enforcement agencies don’t [...]
IRS Reopens Portal for 2024 Clean Vehicle Credit Claims, Offering Relief to Taxpayers and Dealers
In a significant update for taxpayers and auto dealers, the IRS has announced a critical change to its process for claiming clean vehicle credits for the 2024 tax year. This development, spurred by advocacy from the National Automobile Dealers Association (NADA), addresses widespread issues that prevented many from accessing the New Clean Vehicle Credit and [...]
New IRS Guidance on ERTC Refunds
On March 21, 2025, the IRS released updated FAQs and guidance that introduce a new process for taxpayers dealing with Employee Retention Tax Credit (ERTC) refunds, particularly when those refunds relate to wages paid in prior tax years like 2020 or 2021. This update aims to simplify reporting requirements and provide clarity for taxpayers who [...]
Do You Have an Excess Business Loss?
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during [...]
Perception vs Reality: What is the Value of a Business Interest?
A business interest’s value is more than just a number to its owner. It represents years of hard work, sacrifice and investment. Owners often believe they have a clear understanding of their company’s worth. But emotions and optimism about future earnings can cloud their perception. Let’s look at psychological factors that may affect owners’ value [...]
You May Be Able to Make a Deductible IRA Contribution for Last Year This Year
If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on [...]
Financial Relief for Families: The Benefits of the Child Tax Credit
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it for years, it’s crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the Tax Cuts and [...]
Questions About Taxes and Tips? Here Are Some Answers for Employers
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on [...]
Do Your Salespeople Come By Their Commissions Honestly?
Preventing financial losses from occupational fraud requires your company to remain vigilant. In a nutshell: Trust employees, but routinely verify they aren’t stealing. This includes salespeople who, if they’re unethical, could falsify sales commission records to illicitly line their own pockets. Because it’s sometimes impossible to spot crooks in your midst, be aware of potential [...]
Taming the Tax Tangle if You’re Retiring Soon
Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications. [...]
Goodwill Matters: A Practical Approach to Valuing a Business for Divorce
The multi-attribute utility model (MUM) provides a systematic technique for making complex decisions. One innovative way business valuation experts may use this framework is to break down goodwill in divorce cases. Here’s a look at how this approach can help courts better understand experts’ analyses and conclusions regarding goodwill allocations. What is goodwill? Goodwill in [...]
Many Business Tax Limits Have Increased in 2025
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the last few years. Here are some amounts that may affect you and your business. . 2025 deductions as compared with 2024 [...]
Looking Ahead to 2025 Tax Limits as you Prepare to File Your 2024 Return
Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension). However, it’s a good time to familiarize yourself with tax amounts that may [...]
Protecting Your Business from Deepfake Deception
Deepfakes — digital forgeries produced by artificial intelligence (AI) — have blurred the line between reality and illusion. On the upside, AI-generated deepfakes have revolutionized special effects in motion pictures and made certain education and health care industry processes more effective. Yet there are also plenty of risks associated with deepfakes. Current threats Deepfakes purporting [...]
Early Bird Tips: Answering Your Tax Season Questions
The IRS announced that 2025 filing season for individual income tax returns started on January 27. That’s when the agency began accepting and processing 2024 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), you may want to file earlier this year. [...]
Disclaimer
This blog is designed to provide competent and reliable information regarding the subject matter covered. However, it is being provided with the understanding that the blogmaster is not engaged in rendering investment advice. Laws and practices often vary from state to state and if investment assistance is required, the services of a licensed investment professional should be sought. The blogmaster resolutely encourages the reader/viewer to do their own research and due diligence before acting on any information contained herein. As such, Roger Rossmeisl specifically disclaims any liability that is incurred from the use or application of the contents of this blog. It should also be noted that the views contained in this blog are not necessarily representative of the opinions/beliefs of the other owners, management and/or employees of Kho & Patel CPAs.
