Electric vehicles are gaining in popularity – and for a good reason. Not only are they environmentally friendly, but they also have tax benefits. In fact, there is an electric vehicle credit available if you purchase a qualifying electric vehicle (EV) in 2022.

It can be challenging to keep track of which accounting rules are changing, when the changes kick in and for which types of entities. Plus, implementing the necessary revisions to your organization’s procedures and systems often takes time and resources. Here are five updates that go live for certain entities this year.

Ask any business owner whose company has been defrauded by an employee, and you’ll probably hear a common refrain: “I never would have suspected that person!” In many cases, spotting fraud perpetrators before they commit a crime is difficult, especially if you don’t work closely with them on a daily basis. But many fraudsters exhibit performance and interpersonal behaviors that can tip off owners, managers and HR professionals to more serious issues.

Caring for children, elderly family members, and others can be expensive as well as physically and emotionally demanding. Although the IRS doesn’t offer emotional support, federal tax credits and deductions for caregivers can significantly offset the cost.

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and businesses. While most of these proposals stand little chance of enactment with a Republican majority in the U.S. House of Representatives, they shed light on the Democrats’ priorities as they prepare for the 2024 election season.

The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts on what’s generally known as an FBAR. The full name of an FBAR is the Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts.

According to various sources, around 10% of all insurance claims involve fraud. Insurance companies generally pass along the cost of these fraud losses to policyholders in the form of higher premiums. Unfortunately, small businesses, which are generally less able to pay premium hikes, are particularly vulnerable to insurance fraud. To protect your company from losses and minimize the likelihood of increased premiums, learn how to identify insurance fraud.

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business.

We must receive all necessary documentation to prepare your return by April 1, 2023. If a client has not provided their 2022 tax information by April 1, 2023, we make no guarantee that the return will be filed by the April 18, 2023, deadline. If a client's return is not filed by April 1, 2023, we will place them on an automatic extension.

A tax extension makes it easier to compile and review all the necessary documentation for an accurate return. It may also be more cost-effective to file an extension than an amended return later.

But remember, filing an extension does not relieve you from paying any tax due or making quarterly estimated tax payments for the current year. Failure to pay any tax due with extension or failure to pay quarterly estimated tax payments may result in various penalties and interest.

Don't hesitate to contact your Brinker Simpson tax advisor with questions or concerns.

We look forward to continuing our partnership and value your business.