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More About the Scam  In May of 2024, the IRS issued a consumer alert to inform taxpayers about a series of scams that has reportedly led thousands of taxpayers to file fraudulent credit claims on their tax returns. In most cases, taxpayers were led to believe that they were eligible for these credits by so-called […]

What is a Health Savings Account? Congress first created HSAs in 2003, and they became available in tax year 2004. The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 added a new § 223 to the Internal Revenue Code (IRC) defining HSAs. Who is eligible for Health Savings Accounts? A taxpayer must be enrolled

How hackers use AI Here are some of the ways cybercriminals are exploiting AI: Deepfakes: Hackers use AI to create highly realistic fake videos or audio recordings to impersonate someone you know, like your boss or a trusted friend. These deepfakes can be used to trick you into sending money or sharing sensitive information. How

Here’s how you can get started 1. Keep data safe with Encryption Strong encryption ensures your cloud data remains secure. 2. Make a clear set of rules Establish a clear set of rules that define who can access data, how it’s used and where it’s stored. 3. Set up access controls Implement steps like multifactor

Explore the FICA Tip Credit There are so many tax credits that are available to food and beverage businesses of all sizes, so it’s a good idea to start there. After all, tax credits don’t just reduce tax liability, they can actually result in money back after returns are filed. One popular credit to explore

The Importance of Planning for Estate and Gift Taxes First, consider the importance of preparing for estate and gift taxes when drafting an estate plan in the first place. If not planned for correctly, estate and gift taxes can add up quickly. This, in turn, could result in the erosion of generations of wealth or

What is the Research and Development Credit Specifically, the Research and Development tax credit is a federal credit that is available to businesses that have invested funds into innovation, research, development and experimentation. This credit is beneficial to businesses that qualify because not only does it offer a dollar-for-dollar reduction in tax liability, but it

What is Functional Expense Reporting Businesses typically categorize expenses based on the nature of those expenses. A “natural” expense reporting system might group expenses into categories like rent, utilities, payroll, marketing and depreciation. A functional expense reporting system categorizes expenses by their purpose or function rather than their nature. This system of categorization enables nonprofit

Best practices for effective incident response planning To be well-prepared for any incident, it’s important to follow the steps below: Identify and prioritize critical data and assets: Knowing precisely what resources you have helps you allocate them efficiently during an incident, saving time and minimizing overall damage. Establish a dedicated team: A cohesive and well-trained

Due Dates for Tax Returns The deadline to file individual income tax returns or request an extension will be Monday, April 15, 2024 for most taxpayers. An extension will move the deadline six months to Tuesday, October 15. Some exceptions apply to the April 15 deadline, including the following: The deadline for all taxpayers in