A worker employee name tag badge lanyard

Withdrawing ERC Claims

Halted Employee Retention Credit Claim Withdrawals

Recently, the IRS halted the processing of claims for the Employee Retention Credit (ERC) due to a high volume of fraudulent claims. The moratorium is through at least the end of 2023. ERC claims that were already filed are now subject to longer processing, including heightened scrutiny to weed out fraud.

Read more

One time thing: IRA to HSA Transfer 2023 Russo CPA

One-Time Thing: IRA to HSA Transfer

Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime.

Read more

Russo CPA Is Disability Income Taxable? 2023

Is Disability Income Taxable?

If you may be eligible for disability income should you become disabled, it’s important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.”

Read more

Russo CPA How to be ready to secure a business bad debt deduction on your 2023 Tax return

Secure a Business Bad Debt Deduction on Your Tax Return

Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return. But if you hope to take the deduction on your return for this year, you’ll have to get busy because you must be able to show that you’ve made a “reasonable” effort to collect the debt.

Read more

Hand with watch and the the words Tax Due Dates on Russo robins egg blue background.

November 2023 Tax Due Dates

Stay on top of tax deadlines! Here are the tax due dates for November 2023. As always, call us with any questions. November 15 Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit …

Read more

Russo CPA What Tax Deductions For Business Travel Can I Take 2023

What Tax Deductions for Business Travel Can I Take?

I own a business, am I allowed to take tax deductions for business travel?

The overall answer is yes. Whether you’re a single-owner LLC or own an S-Corp business with multiple employees, you can take tax deductions for business travel. However, as is always the case in the world of tax law, things get…intricate.

Read more

Russo CPA Seven Common Small Business Tax Myths 2023

Seven Common Small Business Tax Myths

The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With this in mind, let’s take a look at seven common small business tax myths.

Read more