What happens when a tax-exempt agency seems to be skirting tax laws? On its website, the IRS explains the process of filing a complaint when violations of laws or IRS rules are suspected. Agencies that apply for and are granted a tax-exemption can generally operate free of most tax as long as they meet the … Read More
Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But privately held companies can use simplified alternative accounting methods. What’s right for your business depends on … Read More
The IRS is asking for $13.16 billion in funding for fiscal year 2022, a 10.4% increase over fiscal year 2021 budget outlays. In detail, the IRS plans to allocate $176.09 million and an additional 294 full-time employees to bolster taxpayer identity protection. Also, $149.09 million is earmarked to develop and implement a Taxpayer Experience Strategy … Read More
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note … Read More
Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But there may be a bright side: You may qualify for … Read More
The IRS has extended, through June 30, 2022, temporary relief from the physical presence witnessing requirement for certain retirement plan participant elections. Last year, in response to the COVID-19 pandemic, the IRS provided temporary relief from this rule. The rule required that retirement plan participants making certain plan elections do so in the physical presence … Read More
With the 2021 tax year nearly half over, it’s a good time to review your eligibility for tax deductions and tax credits. To help you minimize your tax bill, the IRS is offering tips for year-round tax planning. Tax deductions lead to reduced taxable income. To find out if you can itemize deductions (rather than … Read More
If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible … Read More
Taxpayers who rehabilitate a historic structure may qualify for a rehabilitation tax credit. To help interested parties gain a basic understanding of the rehab credit, the IRS has issued a series of frequently asked questions on the topic. For example, who can claim a rehab credit? Taxpayers that own an interest in the building directly … Read More
Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is … Read More