Advisory Committee on Racial Equity

The U.S. Treasury Dept. recently formed a 25-member racial equity advisory committee. Among its goals are to “advance racial equity in the economy and address acute disparities for communities of color,” according to a statement. “Our current tax structures keep resources where they are and perpetuate the under-resourcing of certain communities,” one committee member said. […]

IRS Criminal Investigation annual report

IRS Criminal Investigation (IRS-CI) conducted many successful enforcement actions in fiscal 2022. In one case, a married couple carried out a billion-dollar fraud scheme through a solar energy firm. With fake financial and engineering reports, the couple duped investors out of money that was used to fund their lavish lifestyle. Among other endeavors, the couple […]

the IRS independent Office of Appeals

CPAs often are frustrated when working with the IRS Independent Office of Appeals on their clients’ behalf. On Nov. 2, committee members from the American Institute of Certified Public Accountants met with the IRS to discuss their issues. The CPAs said there’s often a “disconnect” between Appeals Officers (AOs) and their decision-making superiors. Issue coordinators […]

Reap the benefits of QuickBooks software solutions

Bookkeeping is essential to running a business. QuickBooks® is one of the most popular software programs for this purpose because it offers numerous features that other programs may not have. Functionality In addition to being affordable, QuickBooks® has many features to help small and midsized businesses optimize operations and pursue growth opportunities. This includes customized […]

An update on the IRS Criminal Investigation unit

IRS Criminal Investigation’s (IRS-CI’s) special agents spend close to 70% of their time investigating crimes such as tax evasion and tax fraud and the rest investigating money laundering and drug trafficking. These facts and more are documented in the just-released IRS-CI 2022 Annual Report. In fiscal year 2022, IRS-CI agents identified more than $31 billion […]

Charitable donation of art in the courts

To receive a charitable tax deduction for the donation of art, a donor must properly substantiate the deduction. This is done with either a qualified appraisal or completion of Form 8283, Noncash Charitable Contributions. One donor donated a sculpture for which he claimed a $600,000 charitable tax deduction. The IRS disallowed the deduction because the […]

6 principles for strong internal controls

Donation of appreciated assets for tax deduction

It’s that tax planning time of year: What do you need to do to reduce obligations? – The Business Journals https://bit.ly/3fZoxpX

New Markets Tax Credit

The U.S. Treasury Department has announced $5 billion in New Markets Tax Credit (NMTC) awards. The NMTC Program allows taxpayers to receive a nonrefundable tax credit against federal income tax for making equity investments in Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships […]

What’s your filing status?

Before you know it, tax filing season will be here. One of the basic things to know is your correct filing status. Most of the five statuses are easy to determine. They are single; married filing jointly; married filing separately; head of household; and qualifying widow(er). The head of household status is often misunderstood. It […]