Entries by Treu Accounting

Understanding the Employee Retention Credit Withdrawal Program

On October 19, 2023, the IRS unveiled procedures enabling taxpayers to withdraw previously filed claims for the Employee Retention Credit (ERC). This decision followed the suspension of processing new ERC filings on September 14, 2023, as a response to a surge in improper claims since the ERC’s inception in 2020 amid the COVID-19 response.  The […]

Year-End Financial Moves for Individuals: Boosting Your Tax Efficiency

As the calendar inches closer to the year-end, it’s time to put on your financial planning hat and take strategic steps to optimize your tax situation. Making smart moves in the next few weeks can potentially reduce your tax liability and save you money. Let’s delve into some high-impact actions you can take before December […]

TikTok Tax Advice Hall of Shame: Beware of Misleading Tips

In the age of social media, platforms like TikTok have become a hotbed for sharing advice on various topics, including taxes. However, not all TikTok tax advice is created equal. Some so-called “experts” have been dishing out questionable recommendations that could land you in hot water with the IRS. Here’s a glimpse into the TikTok […]

Do You Look Good in Orange? Common Forms of Tax Fraud and Penalties

Tax season can be a stressful time for many, but one thing that should never be on your to-do list is committing tax fraud. Engaging in tax fraud is not worth the risks as it can lead to severe financial and legal consequences. Common Forms of Tax Fraud Underreporting Income: One of the most prevalent […]