CBO reports on recommended tax policy changes

New reports from the Congressional Budget Office (CBO) assert that legislators must make significant policy changes to put the federal budget on a sustainable long-term path. The CBO estimates that the federal deficit will average 5.1% of GDP per year between 2023 and 2032, compared with an annual average over the past 50 years of […]

Social Security COLA 2023 increase: Payment dates for the 8.7% benefit hike

Social Security COLA 2023 increase: Payment dates for the 8.7% benefit hike – CBS News https://bit.ly/3WiivAi

Choosing a business entity? Here are the pros and cons of a C corporation

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A C corporation allows the business to be treated and taxed as a separate entity from you as the principal owner. A […]

Advisory Council releases Public Report for 2022

The Internal Revenue Service Advisory Council (IRSAC) has released its Public Report for 2022, which includes recommendations to the IRS related to new and continuing issues in tax administration. According to the IRSAC, the report “emphasizes the need for consistent and multiyear funding for the IRS to achieve its goals of providing efficient, effective and […]

Prepare for the coming filing season

It’s been said that a little preparation can go a long way. This certainly applies toward taxes, specifically, the upcoming 2023 tax filing season. As year-end nears, it’s a good time to round up your 2022 tax records. The IRS says that taxpayers who have all their tax documentation gathered and organized are in the […]

Tax Court rules on mileage deduction claimed by taxpayer

Business owners can generally deduct their business-related vehicle expenses, but they bear the burden of proving they’re entitled to the deduction. Taxpayers must keep detailed contemporaneous records of each trip (the date, time, miles driven and business purpose), even if the standard mileage rate is claimed. In one U.S. Tax Court case, a married couple […]

Tax treaty signed with Croatia

The United States and Croatia have signed a first of its kind tax treaty, according to the U.S. Treasury Dept. Key provisions include elimination of withholding tax on cross-border dividend payments to pension funds and payments of interest; and reduction of withholding taxes on cross-border payments of dividends (other than those paid to pension funds), […]

Answers to your questions about taking withdrawals from IRAs

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions. What […]

Proposed regulations on syndicated conservation easements

In response to recent unfavorable court rulings, the IRS has issued new proposed regulations that define some syndicated conservation easements as “listed transactions,” or abusive tax shelters. The proposed regs are designed to clarify the need for partnerships to report such transactions to the IRS. The regs also aim to keep judicial rulings from interfering […]

Will the extenders pass?

The U.S. Congress is likely to try and “extend” several provisions of the Tax Cuts and Jobs Act (TCJA) due to expire Dec. 31, 2022. Extending certain tax items isn’t usually controversial, but party-line divisions and expiring TCJA provisions may make it tough to strike a deal this year. Democrats favor extending the expanded Child […]