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2024-2025 Special Per Diem Rates Released, Notice 2024-68
The IRS has released the 2024-2025 special per diem rates. Taxpayers use the per diem rates to substantiate certain expenses incurred while traveling away from home. These special per diem rates inclu...
The IRS has released the 2024-2025 special per diem rates. Taxpayers use the per diem rates to substantiate certain expenses incurred while traveling away from home. These special per diem rates inclu...
Treasury Recovers $172 Million From Wealthy Non-Filers, IR-2024-233
The U.S. Department of the Treasury announced it has recovered $172 million from 21,000 wealthy taxpayers who have not filed returns since 2017....
The U.S. Department of the Treasury announced it has recovered $172 million from 21,000 wealthy taxpayers who have not filed returns since 2017....
Progress Limited in Methodology to Keep Audit Rates Stable for Those Making Less Than $400k
The Internal Revenue Service has made limited progress in developing a methodology that would help the agency meet the directive not to increase audit rates for those making less than $400,000 per yea...
The Internal Revenue Service has made limited progress in developing a methodology that would help the agency meet the directive not to increase audit rates for those making less than $400,000 per yea...
NTA Acknowledges Concerns Raised by TIGTA
National Taxpayer Advocate Erin Collins is working to address deficiencies highlighted by the Treasury Inspector General for Tax Administration regarding the speed of service offered by the Taxpayer A...
National Taxpayer Advocate Erin Collins is working to address deficiencies highlighted by the Treasury Inspector General for Tax Administration regarding the speed of service offered by the Taxpayer A...
Important Tax Guidelines on Contributions and Distributions From Online Crowdfunding Highlighted, FS-2024-28
The IRS has highlighted important tax guidelines for taxpayers who are involved in making contributions and receiving distributions from online crowdfunding. The crowdfunding website or its payment pr...
The IRS has highlighted important tax guidelines for taxpayers who are involved in making contributions and receiving distributions from online crowdfunding. The crowdfunding website or its payment pr...
IRS Enhances Online Tools for Clean Energy Tax Incentives, IR-2024-230
The IRS has significantly improved its online tools, using funding from the Inflation Reduction Act (IRA), to facilitate taxpayers in accessing clean energy tax credits. These modernized tools are de...
The IRS has significantly improved its online tools, using funding from the Inflation Reduction Act (IRA), to facilitate taxpayers in accessing clean energy tax credits. These modernized tools are de...
Consistent Basis Reporting Final Regulations Issued, T.D. 9991
Final regulations on consistent basis reporting have been issued under Code Secs. 1014 and 6035....
Final regulations on consistent basis reporting have been issued under Code Secs. 1014 and 6035....
Estate planning tool: Qualified Personal Residence Trusts
In many parts of the country, residential property has seen steady and strong appreciation for some time now. In an estate planning context, however, increasing property values could mean a potential...
In many parts of the country, residential property has seen steady and strong appreciation for some time now. In an estate planning context, however, increasing property values could mean a potential...
FAQ: Do we miss out on the homesale tax break if we move too often?
The IRS has some good news for you. Under new rules, you may be able to gain a partial tax break on the full $250,000 capital gain exclusion ($500,000 if you file jointly with your spouse), even if yo...
The IRS has some good news for you. Under new rules, you may be able to gain a partial tax break on the full $250,000 capital gain exclusion ($500,000 if you file jointly with your spouse), even if yo...
How do I?…Set up a SEP
As a business owner you have likely heard about the tax advantages of setting up a retirement plan for you and your employees. Many small business owners, however, have also heard some of the horror ...
As a business owner you have likely heard about the tax advantages of setting up a retirement plan for you and your employees. Many small business owners, however, have also heard some of the horror ...
FAQ: What is a pre-tax benefit?
A pre-tax benefit can come in a variety of shapes and sizes, but usually can fit into one of two categories....
A pre-tax benefit can come in a variety of shapes and sizes, but usually can fit into one of two categories....
How do I?…Pay my payroll taxes electronically
The Electronic Federal Tax Payment System (EFTPS) allows individuals and businesses to make tax payments by telephone, personal computer or through the Internet....
The Electronic Federal Tax Payment System (EFTPS) allows individuals and businesses to make tax payments by telephone, personal computer or through the Internet....
FAQ: What tax deductions am I entitled to as an investor?
Q: What tax deductions am I entitled to as an investor?A: Certain investment-related expenses are deductible, others are specifically restricted. Still others won't get you a deduction, but you will b...
Q: What tax deductions am I entitled to as an investor?A: Certain investment-related expenses are deductible, others are specifically restricted. Still others won't get you a deduction, but you will b...
Making gifts to minors: How generosity can help ease your tax bill
Making gifts is a useful, and often overlooked, tax strategy. However, when thinking about whether to make a gift, or gifts, to your children or other minors, the tax consequences must be evaluated ve...
Making gifts is a useful, and often overlooked, tax strategy. However, when thinking about whether to make a gift, or gifts, to your children or other minors, the tax consequences must be evaluated ve...
FAQ: When should I start worrying if my income tax refund check has not arrived yet?
No use worrying. More than five million people every year have problems getting their refund checks so your situation is not uncommon. Nevertheless, you should be aware of the rules, and the steps to ...
No use worrying. More than five million people every year have problems getting their refund checks so your situation is not uncommon. Nevertheless, you should be aware of the rules, and the steps to ...
Maximizing retirement benefits under the new 2009 dollar limits
In 2009, individuals saving for retirement can take advantage of increased contribution limits for various retirement plans. More money can be socked away with tax advantages like tax-deferred growth ...
In 2009, individuals saving for retirement can take advantage of increased contribution limits for various retirement plans. More money can be socked away with tax advantages like tax-deferred growth ...
Estate planning for retirement plan assets
Throughout all of our lives, we have been told that if we don't want to work all of our life, we must plan ahead and save for retirement. We have also been urged to seek professional guidance to help ...
Throughout all of our lives, we have been told that if we don't want to work all of our life, we must plan ahead and save for retirement. We have also been urged to seek professional guidance to help ...
Survive (<i>and thrive</i>) in an uncertain economy
During uncertain economic times, it's easy to feel pessimism and react hastily amid media reports about growing unemployment rates and stock market downturns. However, such actions can wreak havoc on ...
During uncertain economic times, it's easy to feel pessimism and react hastily amid media reports about growing unemployment rates and stock market downturns. However, such actions can wreak havoc on ...
<i>How do I?</i> Compute my net worth
How much am I really worth? This is a question that has run through most of our minds at one time or another. However, if you aren't an accountant or mathematician, it may seem like an impossible numb...
How much am I really worth? This is a question that has run through most of our minds at one time or another. However, if you aren't an accountant or mathematician, it may seem like an impossible numb...
Provide for family members while achieving your giving goals with charitable lead trusts
In addition to direct giving during their lifetimes, many people look at how they can incorporate charitable giving in their estate plans. While many options are available, one plan that allows you he...
In addition to direct giving during their lifetimes, many people look at how they can incorporate charitable giving in their estate plans. While many options are available, one plan that allows you he...
Keep an 'arms length' when transacting with family members
Although the old adage warns against doing business with friends or relatives, many of us do, especially where personal or real property is involved. While the IRS generally takes a very discerning lo...
Although the old adage warns against doing business with friends or relatives, many of us do, especially where personal or real property is involved. While the IRS generally takes a very discerning lo...
Could you be personally liable for your company's employment tax obligations?
Employers are required by the Internal Revenue Code to calculate, withhold, and deposit with the IRS all federal employment taxes related to wages paid to employees. Failure to comply with these requi...
Employers are required by the Internal Revenue Code to calculate, withhold, and deposit with the IRS all federal employment taxes related to wages paid to employees. Failure to comply with these requi...
Tax aspects of divorce and separation
When it comes to legal separation or divorce, there are many complex situations to address. A divorcing couple faces many important decisions and issues regarding alimony, child support, and the fair ...
When it comes to legal separation or divorce, there are many complex situations to address. A divorcing couple faces many important decisions and issues regarding alimony, child support, and the fair ...
Client FAQ: Hiring your spouse
Q. I have a professional services firm and am considering hiring my wife to help out with some of the administrative tasks in the office. I don't think we'll have a problem working together but I wou...
Q. I have a professional services firm and am considering hiring my wife to help out with some of the administrative tasks in the office. I don't think we'll have a problem working together but I wou...
Donor-advised charitable funds: A new trend in charitable giving
A number of charities use the Internet to solicit funds, allowing potential donors to make contributions online. You can even create an account in a special type of planned giving instrument: a donor-...
A number of charities use the Internet to solicit funds, allowing potential donors to make contributions online. You can even create an account in a special type of planned giving instrument: a donor-...
Cafeteria plans can stretch your benefit dollars
An attractive benefit package is crucial to attract and retain talented workers. However, the expense of such packages can be cost-prohibitive to a small business. Establishing a tax-advantaged cafete...
An attractive benefit package is crucial to attract and retain talented workers. However, the expense of such packages can be cost-prohibitive to a small business. Establishing a tax-advantaged cafete...
Sale of residence gain exclusion not always automatic
For homeowners, the exclusion of all or a portion of the gain on the sale of their principal residence is an important tax break....
For homeowners, the exclusion of all or a portion of the gain on the sale of their principal residence is an important tax break....
Client FAQ: Consumer debt
Q. My family and I have always led a full life, enjoying vacations, dinners out, and new cars. While many of these items have been paid for by credit cards, we've never felt uncomfortable with our lev...
Q. My family and I have always led a full life, enjoying vacations, dinners out, and new cars. While many of these items have been paid for by credit cards, we've never felt uncomfortable with our lev...
Is early retirement for you?
You're 57 years old and as part of an early retirement package, you've just been offered a large cash bonus and salary continuation, along with a lump sum payment from the company retirement plan and ...
You're 57 years old and as part of an early retirement package, you've just been offered a large cash bonus and salary continuation, along with a lump sum payment from the company retirement plan and ...
Your vacation home: Personal residence or rental property?
The benefits of owning a vacation home can go beyond rest and relaxation. Understanding the special rules related to the tax treatment of vacation homes can not only help you with your tax planning, b...
The benefits of owning a vacation home can go beyond rest and relaxation. Understanding the special rules related to the tax treatment of vacation homes can not only help you with your tax planning, b...
Budgeting 101: A student's guide to managing money
As parents, we all know that preparing a reasonable budget and sticking to it is a basic principle of good financial planning. By assisting college-bound students in developing and maintaining their o...
As parents, we all know that preparing a reasonable budget and sticking to it is a basic principle of good financial planning. By assisting college-bound students in developing and maintaining their o...
Client FAQ - Documentation for charitable contributions
I have a car that I would like to donate to my church. Can I just claim the amount shown as the value of the car per the Kelly Blue Book (about $6,500) on Schedule A of Form 1040?...
I have a car that I would like to donate to my church. Can I just claim the amount shown as the value of the car per the Kelly Blue Book (about $6,500) on Schedule A of Form 1040?...
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