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November 2023 Newsletter
Featured Articles
One-Time Thing: IRA to HSA transfer
November 2023
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.
Typically, if
Is Disability Income Taxable?
November 2023
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.”
Key Factor
The key factor is
How To Be Ready To Secure a Business Bad Debt Deduction on Your 2023 Tax Return
November 2023
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 2023 return, you'll have
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
November 2023 Newsletter
Tax Tips
Upcoming Tax Due Dates
November 2023
November 15
Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October.
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October.
December 11
Individuals - Reporting
Withdrawing ERC Claims
November 2023
Recently, the IRS halted 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
Follow IRS Rules to Nail Down a Charitable Tax Deduction
November 2023
Donating cash and property to your favorite charity is beneficial to the charity, but also to you in the form of a tax deduction if you itemize. However, to be deductible, your donation must meet certain IRS criteria.
First, the
New Per Diem Rates for Business Travel
November 2023
The IRS has announced the per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24:
When using the high-low substantiation method, the rate for travel to high-cost localities is $309 per day and the rate for
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
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