operating

IRS Strategic Operating Plan update released: a) better service b) more audits and c) more 60% funding
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IRS Strategic Operating Plan update released: a) better service b) more audits and c) more 60% funding

Business, Individuals

IRS Strategic Operating Plan update released: a) better service b) more audits and c) more 60% funding

Early March 2024, the IRS released their Strategic Operating Plan Update in their IR-2024-130 communication with the following updates: a) Better services: Keep enhancing live assistance in call centers (hopefully lower wait times even in the tax priority line and more experienced IRS phone agents), simplifying up to 200 notices so it might be easier

By Victor Garrido, CPA, EA|2024-05-08T20:31:20+00:00May 8th, 2024|Categories: Business, Individuals|Tags: $106 billion, audits, Budget, Funding, irs, operating, operating, Plan, Strategic|

Philadelphia extends Net Operating Loss to 20 years
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Philadelphia extends Net Operating Loss to 20 years

Business

Philadelphia extends Net Operating Loss to 20 years

If you are a business in Philadelphia and have a loss, you can use that loss against the future profit in the next twenty year and offset that income. This change was approved by the City of Philadelphia in 2018, but required Pennsylvania approval which was granted recently. Link to post from the City of

By Victor Garrido, CPA, EA|2022-11-09T22:11:58+00:00November 9th, 2022|Categories: Business|Tags: loss, net, NOL, Philadelphia, twenty|

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