Supreme Court declines to review excessive fines case

The U.S. Supreme Court (SCOTUS) has declined to hear a case involving the Excessive Fines Clause of the 8th Amendment. Owners of certain foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) or face penalties, which can be harsh if the failure is “willful.” One taxpayer was assessed a $2,173,703 […]

Why you might want to file early and answers to other tax season questions

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is […]

2023 auto depreciation limits released

A recent IRS revenue procedure provides the depreciation limits for passenger automobiles (including trucks and vans) placed into service in 2023. For vehicles acquired after Sept. 27, 2017, and subject to bonus depreciation, depreciation limits are $20,200 for year one, $19,500 for year two, $11,700 for year three and $6,960 for each year after that. […]

Legislation to change property loss deduction rules introduced

Proposed legislation in the U.S. House would, if enacted, restore the tax deduction for certain property and casualty losses that the Tax Cuts and Jobs Act eliminated through 2025. Julia Brownley (D-CA) introduced the Protecting Homeowners from Disaster Act on Jan. 12, 2023. It would enable uninsured disaster victims to deduct losses even if those […]

New report shows a decrease in CAMs in 2022

The Public Company Accounting Oversight Board (PCAOB) recently published its second post-implementation review on critical audit matters (CAMs). The report found that, while the proportion of auditor’s reports that have a single CAM has increased, the average number of CAMs has declined over time. Here’s what you should know. Defining CAMs Auditors of public companies […]

Alabama and Georgia granted tax relief

Victims of recent storms in parts of Alabama and Georgia have been granted tax relief, the IRS announced. Relief is available to those who live or have a business in the disaster area, giving them until May 15, 2023, to file various individual and business tax returns and make tax payments. Also extended are the […]

Your 2023 Guide To Entertainment And Meal Deductions

Your 2023 Guide To Entertainment And Meal Deductions – Forbes https://bit.ly/3j1LaeZ

2022 holiday sales defied predictions of retail gloom

What to know before filing your 2022 tax return in Illinois, Missouri

What to know before filing your 2022 tax return in Illinois, Missouri – KSDK.com https://bit.ly/3WyZ0mP

Income exclusion rules

An employee may be able to exclude from income the value of lodging provided by an employer if certain conditions are met. The lodging must be “furnished on the business premises” and be “for the convenience of the employer.” Plus, the employee must be required to accept the lodging as a condition of employment. In […]