Effective Strategies to Avoid Tax Return Errors and Red Flags

Collaborative Efforts for Accurate Tax Returns

In today’s digital era, gathering all the necessary documents for tax return preparation has become increasingly challenging. Clients can now provide information through multiple channels, including portals, emails, texts, downloads, organizers, phone calls, and even traditional paper documents. Moreover, the constant updates in tax document versions make it difficult to identify crucial changes.

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How to Deduct Meals and Entertainment in 2023

Back in 2020, the Consolidated Appropriations Act (CAA) was signed in an effort to support restaurants impacted by the COVID-19 pandemic, and it allowed companies to deduct 100% of business expenses. However, the CAA ended on January 1, 2023, and now meal and entertainment deductions have reverted to the limits enacted under the Tax Cuts and Jobs Act (TCJA).  For tax year 2023, a large percentage of business meal deductions will be 50% deductible, but entertainment deductions remain non-deducible under TCJA.

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Year-End Tax Planning Services in Dallas

As we enter the last quarter of 2022, year-end tax planning services in Dallas are a top priority. There are steps you need to take for year-end tax planning before December 31st in order to take advantage of any tax breaks for which you may qualify. The amount of taxes you or your business will need to pay in April directly corresponds to the financial decisions you make now. If you wait too long to get started on your 2022 taxes, it will be too late to make any changes.


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Does Coinbase Report to the IRS?

Does Coinbase report to the IRS? This has become a popular question recently, and the IRS has made it clear that cryptocurrency tax enforcement is a high priority. We’ll break down the key points you need to know about Coinbase tax reporting, as well as explain the different types of forms that Coinbase sends to customers and what they mean for you.

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Special Tax Benefit for Inheritances

You may have heard the term “Stepped-Up Basis”, that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property.

If an individual sells property, any gain from the sale of that property is taxable. The tax term “basis” is the value from which any taxable gain is measured. In regard to personal use or investment property, the basis is generally the cost of the property. For business property the term basis is replaced with adjusted basis, which usually means the cost of the property reduced by business deductions attributable to the property.

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Announcement – New MeredithCPAs Partners

Our goal has always been to create a healthy, sustainable, and warm company that treats people the way we would want to be treated. No matter if we have seven employees or seven hundred, the golden rule will forever be at our core. We have been extremely blessed and fortunate to have assembled the team we currently have on our roster. In recent years, the significant growth of the firm has expedited our need to expand the leadership structure of the firm to ensure its continued growth and independence.

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