Split-Dollar ruling

The U.S. Tax Court has issued a taxpayer-favorable ruling on a split-dollar life insurance arrangement. A woman created an estate plan that included a revocable grantor trust and an irrevocable insurance trust that purchased split-dollar life insurance on the lives of her daughter and son-in-law with money she borrowed. The insurance trust gave the woman […]

IRS News

The IRS announced that it aims to hire 10,000 employees over the next few months and deploy a new 700-person “surge” team to help clear its backlog of 24 million tax returns. It also intends to extend high-tech customer support tools throughout its operations. The U.S. Dept. of Treasury added that the agency also is […]

Does your business barter? Here are some facts you should know

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in […]

IRA, is it right for you?

It may not be too late to lower your 2021 tax bill. You may still be able to contribute to an IRA until the due date of your 2021 tax return (April 18 this year). Be sure to designate the contributions for 2021. Generally, eligible taxpayers can contribute up to $6,000 to an IRA for […]

Crypto regulation

Greater regulation of digital assets could be coming. On March 9, President Biden signed an executive order (EO) to expand oversight of cryptocurrency markets. The EO also prioritizes the assessment of a Central Bank Digital Currency (CBDC). Various government financial regulators will assess how the “adoption of digital assets” would affect U.S. investors and businesses. […]

Lost your job? Here are the tax aspects of an employee termination

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require […]

Emissions impacted by Tax?

How are carbon-dioxide emissions affected by tax or allowance prices on them? A recent Congressional Budget Office (CBO) paper examines this question. It scrutinizes three groups: the electrical power industry, the transportation sector and a composite residential, commercial and industrial group. In the electrical power industry, “price sensitivities of energy-related emissions over the first 10 […]

Know your Rights

Dealing with the IRS is often frustrating. But as a taxpayer, you’re entitled to know how to comply with tax laws and why certain actions are taken. In fact, the IRS must adhere to 10 specific rights, known as the Taxpayer Bill of Rights. One of those is the right to be informed when changes […]

New audit committee survey reveals trends on risks, ESG reporting and more

In late January, a survey entitled “Audit Committee Practices Report: Common Threads Across Audit Committees” was published by Deloitte and the Center for Audit Quality, an affiliate of the American Institute of Certified Public Accountants. The survey analyzed 246 responses, including 86% of respondents who served on audit committees of public companies. Here are some […]

IRS levy

If an individual doesn’t pay a tax debt, an IRS levy permits the legal seizure of his or her property. The IRS can garnish wages, take money in a bank account and seize vehicles, real estate and other personal property. In one case, a credit union surrendered the contents of a man’s account to the […]