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Business Travel Expenses
Employers Paying Per Diem to Employees Generally, in lieu of actual lodging, meal, and incidental expenses incurred, a payer may consider substantiated, for federal tax purposes, an employee’s expenses incurred for employment-related travel in an amount up to or equaling the federal per diem rate for the locality of travel. Continental United States (CONUS) The…
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New Energy Efficient Homes
Builders of new energy efficient homes may qualify for an expanded tax credit Eligible contractors who build or substantially reconstruct qualified new energy efficient homes may be eligible for a tax credit up to $5,000 per home. The actual amount of the credit depends on eligibility requirements such as the type of home, the home’s…
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Congratulations Shelby Bennett
Shelby just received her Associate in Applied Science Accounting degree from Wallace State Community College. She immediately began her studies for a Batchelor degree at Athens State. Obtaining a college degree requires hard work and devotion. It is a journey that demands dedication, perseverance, and a strong commitment to one’s goals. It is important to note that the…
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Report of Cash Payments
Businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, beginning January 1, 2024 The Internal Revenue Service today announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending…
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Labor Day Weekend
Our office will be closed Monday, September 4, 2023 for Labor Day.
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August 31 Tax Payment Deadline for Truckers
The Internal Revenue Service today encouraged all those who have registered, or are required to register, large trucks and buses with a taxable gross weight of 55,000 pounds or more to e-file Form 2290, Heavy Highway Vehicle Use Tax Return, by the Aug. 31, 2023, payment deadline for vehicles first used in July 2023. The…
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Information for Organizations applying for Tax-Exempt Status
Organizations applying for tax-exempt status must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals. Organizations that want to apply for recognition of tax-exempt status under IRC 501(c)(3) will complete and…
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Homebuilders can Qualify for a $5,000 Tax Credit
Builders of qualified new energy efficient homes might qualify for an expanded tax credit under Section 45L Cook and Company Tax Advisors reminds eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit up to $5,000 per home. The actual amount of the credit depends…
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Tax Credits for New Clean Vehicles
Greg’s granddaughter driving the 2023 Tesla Model 3 in the driveway at home Credits for New Clean Vehicles Purchased in 2023 or After If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. Who Qualifies You may…
