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The Available Options if You are Unable to Pay your Taxes
The deadline for filing taxes in 2023 was April 15, 2024. While many Americans received refunds, the percentage of individuals who owe the Internal Revenue Services (IRS) has steadily increased over the years, rising from approximately 39% in 2021 to 43% in 2023,...
Tax Filing Deadlines and Key Dates for 2024
If you are a U.S. citizen, have interests in the U.S., operate a foreign business entity, or are a U.S. citizen residing in Canada, it is crucial to be informed about the significant dates and deadlines related to income tax filing obligations. At Wave Tax, we...
The Deadline for Tax Extensions is Approaching: Tax Returns by Income Categories for 2024
The tax season officially concluded on April 15, and the six-month extension deadline is now nearing in October. As of May 23, a total of 132,270,182 income tax returns have been submitted to the Internal Revenue Service. 📌 Data from the Internal Revenue Service (IRS)...
Recommendations for Maximizing Tax Deductions for Owners of Energy-Efficient Commercial Properties
Despite the prevailing concerns regarding the energy efficience and commercial real estate market, it is projected that two-thirds of the global floor space currently in existence will still be operational by 2040. The International Energy Agency (IEA) reports that...
Major Corporations Experience Significant Advantage in Tax Disputes
Recent limitations set by the Supreme Court on the regulatory authority of federal agencies are influencing the tax landscape, potentially shifting certain legal battles in favor of large corporations rather than the government. In at least five ongoing tax cases,...
Considerations to Keep in Mind in the Cannabis Business
One of the points to take into account, especially for those involved in the business, is what they call “Cannabis Rescheduling”, which means that it has the possibility of becoming a Schedule III controlled substance as opposed to the current and stricter Schedule I,...
Tax Increases May Be on the Horizon: Preparing for Potential Changes
A significant topic of conversation is the 2017 tax legislation, known as the Tax Cuts and Jobs Act (TCJA), which is scheduled to expire at the end of 2025. This legislation introduced major modifications to the tax framework, including: The expansion of tax brackets...
IRS Warns about a New Scam Related to Clean Energy Tax Credits
The Internal Revenue Service (IRS) issued a warning Wednesday cautioning taxpayers to beware of a new scam involving the purchase of clean energy tax credits. The IRS said it's seeing cases where unscrupulous tax preparers misrepresent the rules for claiming clean...
What is a SIMPLE IRA Account?
SIMPLE stands for Savings Incentive Match Plan for Employees, indicating that both employers and employees contribute to the plan. ➡️ Employees have the option to defer a portion of their salary into their retirement account, and employers can choose to match that...