In the aftermath of Hurricane Helene, the IRS has announced essential relief for individuals and businesses in several southeastern U.S. states, including parts of Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina, and Virginia. One of the critical components of this relief is the extension of upcoming tax payment deadlines, allowing affected taxpayers additional time […]

As of July 1, 2024, new overtime regulations are set to take effect under the Fair Labor Standards Act (FLSA). These changes will significantly impact both employees and employers, particularly those who fall under the “white-collar” exemptions for overtime pay. With these updates, it’s important for businesses to understand the implications of these changes and […]

Welcome to our BOI Reporting Guide, a straightforward, step-by-step approach to help you navigate the new filing requirements under the Corporate Transparency Act. If you’ve read our previous post on the BOI filing requirements, and want some guidance to submit your report, please use these general step by step instructions. If you have specific questions, […]

We have been getting a lot of questions from clients about the new Beneficial Ownership Information (BOI) Reporting.  For those of you who don’t know, this is a new requirement of the Corporate Transparency Act (CTA).  While the Act was passed a few years ago, the reporting provisions didn’t officially start until January 1, 2024. […]

The IRS is meticulous, so be cautious about what you publish publicly because the IRS can and will use it against you if possible. Tax professional (and #TaxTwitter regular) Roger Ledbetter, shared a case where taxpayers tried shifting income between businesses to claim losses they weren’t entitled to. The IRS opened the case by quoting […]

As we approach the end of the year, one of the things clients ask us about is year end giving.  Here are a few tips and things to consider as you contemplate making any last-minute donations. Make Sure It’s a Qualifying Deduction First and foremost, from a tax perspective, deductions are limited to certain organizations. […]

We’re halfway through November, with holidays on the horizon, making it a great time to do a quick check on end of year planning. Tax planning is a year round activity, but now is the time to make sure you’ve considered everything that could impact your tax situation for 2021. Here are our top 10 […]

COVID-19 has changed the way many people work and increased the amount of people working from home exponentially. With that in mind, we have been getting a lot of questions about taking the home office deduction. There are some very specific rules in place about who is eligible to claim the deduction, what can be […]

At Watson & Associates, we have been working with business owners for 20 years. One of the core questions we get from new business owners is, “What can I deduct?” And to that question, you’ll get the most common CPA response, “It depends.”  Every situation is different, and business taxes are trickier than individual returns. […]

The American Rescue Plan Act of 2021 (ARPA) expands the child tax credit, for 2021 only.  This credit provides some unique planning opportunities, among them the potential to receive some of these credits as an advance payment starting in July.  Here are some highlights of the new law.  For children age 6-17, expands the credit […]