Tax Crimes don’t pay

Tax crimes don’t pay. Just ask the dozens of individuals recently prosecuted for everything from illegally obtaining Paycheck Protection Program loans to falsifying tax returns. An Arkansas businessman pleaded guilty to tax evasion, failing to pay $240,000 by operating his business on a cash-only basis. A Florida man admitted to causing $3.5 million in tax […]

Check your withholding

It’s common for individuals to realize during tax season that they didn’t have enough income tax withheld from their paychecks the previous year. This can result in tax due. To avoid this outcome, the IRS encourages you to check your withholding at least once a year or when certain events warrant it. These include tax […]

How to protect yourself from tax fraud and scams

How to protect yourself from tax fraud and scams, according to … – CNBC https://bit.ly/3JKcHMU

Tax season filing tips

Tax season has arrived! One way to ensure a smoother tax filing experience is to have your tax-related papers and information organized. According to the IRS, information that taxpayers should have at their fingertips includes: Social Security numbers for everyone listed on the tax return; bank account and routing numbers; various forms, including W-2s, 1099s […]

OECD is working on global tax regime

The Organization for Economic Co-operation and Development (OECD) is working with the U.S. Treasury Dept. to release guidance on its global minimum tax regime. The guidance will address the treatment of global intangible low-taxed income (GILTI) and certain tax credits. As the OECD’s second “pillar” of its Global Anti-Base Erosion Rules, which imposes a 15% […]

Many tax limits affecting businesses have increased for 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 […]

SDTD status can put your passport at risk

Seriously delinquent tax debt (SDTD) could put your passport at risk (unless an exception applies). In 2023, SDTD is an unpaid federal tax assessment exceeding $59,000, where a lien has been filed and other remedies have been exhausted. If such conditions exist, the U.S. State Dept. can deny, revoke or limit a passport. One taxpayer […]

Glitch in tax bill stops catch-up contributions

A glitch in the recently passed SECURE 2.0 Act involving catch-up contributions has been uncovered. A trade group, the American Retirement Association, noticed a technical error and has alerted the U.S. Treasury Dept. and the Joint Committee on Taxation (JCT), which are studying how to correct it. The law was supposed to allow certain taxpayers […]

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject […]

Are you eligible for refundable credits?

The IRS estimates that 80% of taxpayers who are eligible for the Earned Income Tax Credit actually claim it. But that leaves 20% who don’t. Many people also leave the Child Tax Credit, Additional Child Tax Credit, Credit for Other Dependents and American Opportunity Tax Credit on the table. To help reach these taxpayers, the […]