IRS delays new reporting rule for online payment processors
Posted November 30, 2023 / No comments
For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online marketplaces such as Venmo and eBay. While the delay should spare such taxpayers some confusion, it won’t affect their tax liability or income reporting responsibilities. And
Read MoreTake action now to reduce your 2023 income tax bill
Posted November 13, 2023 / No comments
A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good news is that you still have time to implement year-end tax planning strategies that may
Read MoreIRS suspends processing of ERTC claims
Posted September 19, 2023 / No comments
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of honest small business owners being scammed
Read MoreSocial Security’s future: The problem and the proposals
Posted August 17, 2023 / No comments
Recent reports have raised anew concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third rail” of American politics and understandably so — the options for heading off insolvency will inevitably cause pain for significant segments of the population. Yet some in Congress
Read MoreIRS guidance coming regarding the IRA’s Clean Vehicle Credit
Posted April 14, 2023 / No comments
The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the IRS will publish proposed regulations to clarify how a CV can qualify for the credit.
Read MorePresident Biden’s proposed budget includes notable tax provisions
Posted March 16, 2023 / No comments
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
Read MoreU.S. Supreme Court rules against the IRS on critical FBAR issue
Posted March 9, 2023 / No comments
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
Read MoreTax Collection Scams
Posted February 20, 2023 / No comments
With each tax season comes more opportunities for criminals to find ways to run scams. Scammers find creative ways to try to get personal information and payments from individuals. We would like to share a quick video on tax collection scams to raise awareness. Watch Video
Read MoreReading the tea leaves: Potential tax legislation in the new Congress
Posted February 14, 2023 / No comments
The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it remains to be seen if — and when — any tax-related legislation can muster the requisite bipartisan support, a review of certain provisions in existing laws may provide an indication of the
Read More2023 tax calendar
Posted January 11, 2023 / No comments
To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 10
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