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Tax Credits For Higher Education

Two credits are available to reduce the cost of higher education for taxpayers, their spouses. and their dependents: the American Opportunity Credit (AOC) and the lifetime learning credit. The following…

Basic Principles for Entertainment Deduction

Entertainment expenses are costs associated with activities that constitute recreation or amusement. These expenses include attending sporting events, social events such as parties, stage shows, and other similar costs. Historically,…

Saving For Retirement Through Backdoor Roths

Help your tax clients maximize their retirement savings with backdoor Roth IRAs and Mega Backdoor Roth IRAs. Learn how high-income earners can navigate income limitations and employ strategic maneuvers to bolster their retirement nest egg.

TDS Authorization Change

The IRS has recently introduced a significant change aimed at bolstering security against identity theft within the tax professional community. Effective April 8, 2024, accessing client transcripts via the Transcript Delivery System (TDS) now requires calling the Practitioner Priority Service (PPS).

ERC Scam in the News

Tax School workbook contributor and national order partner Larry Gray, CPA, with AGC Solutions in Rolla, Missouri, was recently featured in a national NBC news story about the employee retention…

Basic Principles for Meals Deduction

This week’s blog will help you better understand the nuances of business meal deductions. You will gain clarity on when the 50% deduction limit applies and explore scenarios where meal costs are fully deductible.