The IRS is hiring

The IRS is set to hire a new wave of customer service reps, to end staff shortages and ensure taxpayers can access the help they need. That’s one of the key purposes of the $80 billion allotted to the agency as part of the Inflation Reduction Act. “If the IRS does not make significant changes, […]

How savings bonds are taxed

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is taxed. And if they reach final maturity, what action do you need to take to ensure there’s no loss of […]

Courts rule on student loan forgiveness plan

A U.S. District Court in Texas ruled on Nov. 10 that President Biden’s student loan debt relief plan is unlawful. On Aug. 24, 2022, Biden announced a student loan forgiveness plan that further extends the suspension of collection actions and wage garnishment. It also allows for a certain amount of debt forgiveness for eligible individuals […]

IRS Office of Appeals issues Focus Guide

The IRS Independent Office of Appeals has come under some criticism, most recently by members of the American Institute of Certified Public Accountants. But Appeals claims it’s “taking important steps to expand communications with external stakeholders and to improve taxpayer access.” It has just released its fiscal year 2023 Focus Guide, which provides details on […]

Preparing for year-end inventory counts

How accurate is the amount reported in your company’s perpetual inventory system? To best answer that question, a physical count is essential at year end. For calendar-year entities, year end is fast approaching on December 31. Planning tips Though physical counts may be seen as time consuming and disruptive, a well-executed count of what’s on-hand […]

Bankruptcy of cryptocurrency platform

The recent bankruptcy of cryptocurrency exchange platform FTX Trading Ltd. is unsettling for stakeholders. It also has tax implications. FTX is only the latest crypto platform to enter Chapter 11 bankruptcy protection, after Celsius Network and Voyager Digital earlier this year. With no real precedent for large-scale bankruptcy in the crypto industry, tax consequences are […]

The 2022 Renewable Electricity Production Credit

The IRS has provided new 2022 Renewable Electricity Production Credit amounts for qualified facilities. New credit amounts were needed because the Inflation Reduction Act changed the way these amounts are calculated. The 2022 credit amounts on the sale of electricity produced in a qualified facility placed in service after Dec. 31, 2021, are: 2.75 cents […]

Small Business Saturday is Nov. 26

Will ERC Equal PPP In Terms of Fraud? – Newswise https://bit.ly/3hPKKY1

Remarks by outgoing IRS Commissioner

Outgoing IRS Commissioner Charles P. Rettig remains optimistic about the agency’s opportunities to implement transformational changes over the next decade. Rettig said he’s confident that funding provided by the Inflation Reduction Act will be used to accelerate new online features, explore artificial intelligence projects and expand community outreach. At the same time, he added, the […]