Earlier this month, the IRS announced that it was implementing a moratorium on the acceptance of new Employee Retention Credit claims until 2024. Any businesses that had planned to file a claim in the coming months must wait until 2024, when a series of new measures to prevent fraud will be in place. The pause …
IRS Announces Pause in Employee Retention Credit Claims Read More »
Individual Retirement Accounts, more commonly known as IRAs, are extremely popular retirement savings accounts used by tens of millions of American citizens. These tax-advantaged accounts allow Americans to save for their retirement throughout their working lives. In total, Americans currently hold more than $12 Trillion in IRAs. Many of these accounts are drawn down throughout …
New Tax Rules on Inherited IRAs: An Update From Strothman+Co Read More »
The Employee Retention Tax Credit (“ERTC”) is still getting a lot of attention in the news media these days. Also, a number of companies are advertising on TV and the internet to say that you may still be able get claim the credit, even if you didn’t have a drop in revenues. Let me give …
If there’s one constant in the world of tax, it’s change. Tax regulations continue to evolve at a local, state, and federal level, with implications for businesses and individuals alike. Staying up to date with this constant stream of updates can be challenging for busy entrepreneurs and business professionals. But at the same time, it’s …
Summer 2023 Tax Updates – What’s New, What’s Changed, and What You Can Do Read More »
Another busy tax season is in the books. Excluding taxpayers that filed extensions, the 2022 tax year is complete, with the passage of the filing deadline on April 18. At Strothman+Co, it was another successful filing season, with our professionals helping hundreds of businesses and individuals across Kentucky, Indiana, and beyond navigate all kinds of …
Following the landmark South Dakota vs. Wayfair Supreme Court decision in 2018, it’s fair to say that the sales tax landscape has changed significantly. Since the decision, many businesses that do business outside of their home states have been forced to evaluate whether they have sales tax nexus in those states. Previously, the determination of …
How to Determine if Your Business Has Sales Tax Nexus in a State Read More »
It’s a new year and with that comes changes to State and Local Tax (SALT) laws that business owners and individuals alike need to be aware of. On January 1, 2023, significant changes went into effect in Kentucky, including changes to the state income tax rate, sales tax collection, and more. House Bill 8, the …
Kentucky SALT Changes 2023: What You Need to Know Read More »
At Strothman+Co, our people are integral to our mission. It’s why we focus on hiring the best and brightest and invest in our team’s professional development. It’s also why we were recognized as one of the best places to work in Kentucky in 2022. When you trust Strothman+Co with your tax strategy, you’re forming a …
Most business leaders are thinking strategically as they wind up the calendar year. It’s important that tax planning is part of the reflection, especially in regards to possible tax savings. There are almost always opportunities to reduce your tax liability, and here are 10 areas your business may want to explore. 1. Deferring Income Since …
10 Tax Saving Opportunities to Check Out Before the New Year Read More »
One of the perennial fears of taxpayers is getting audited by the IRS. Financially, few scenarios strike such fear into the heart of taxpayers. However, taxpayers can probably breathe a sigh of relief – at least for now. This is because the rate at which the IRS is initiating audits of individual taxpayers is dropping …
