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On Monday, July 17th, countries around the world agreed to updated administrative guidance from the Organization for Economic Co-operation and Development (OECD). This new guidance allows countries that have implemented the new global minimum corporate tax (GMCT) additional time to prepare, providing temporary relief for American companies. Background Over the past few decades, technological improvements…
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Tonneson + Co, your trusted accounting, tax, and advisory expert is excited to announce the launch of our new website. Our mission was simple: create a more user-friendly and accessible digital experience that sets a new standard in our industry. We’ve implemented streamlined navigation that ensures swift and efficient browsing. Whether you’re a valued client,…
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If you are an American taxpayer who earns income from abroad, you may already be familiar with the foreign tax credit (FTC). In short, taxpayers who pay taxes to foreign countries for income earned abroad may be able to offset a portion of their tax liability in the US using the FTC. For companies and…
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Late last October, we wrote about a new revenue procedure by the IRS that allows S corporations and their shareholders to resolve certain issues without having to resort to a private letter ruling (PLR). Prior to this revenue procedure, S corporations and their shareholders were often forced to turn to PLRs to resolve even simple mistakes. Since the…
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California has been in for nasty weather this year, having been hit since January with an onslaught of storms that have resulted in floods, mudslides, and evacuations. As Californians struggle to recover, there is a silver lining: the IRS has announced that affected taxpayers will have until October 16, 2023, to file various individual and business tax…
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As long as people have owned property, they have earned income by renting it out to others, both for long-term living and for short-term stays. In the last decade and a half, however, the short-term rental market has exploded. As rental brokers like VRBO and Airbnb have gained in popularity, more people than ever are…
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As we roll into tax season, a tax credit that began in the early days of COVID is back in the news, offering small businesses both the opportunity to save money … and the potential for problems. The Employee Retention Tax Credit (ERC) was designed to reward small businesses that kept their employees on payroll…
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Among the provisions of the Inflation Reduction Act of 2022 was an appropriation of $80 billion for the Internal Revenue Service. To date, the IRS has not provided a specific operational plan despite instruction from Secretary of the Treasury Janet Yellen last August to do so. However, based on the appropriations budget, we have a…
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