Missouri House passes tax cuts bill

Missouri House passes Republican bill cutting corporate, individual income taxes – AOL https://bit.ly/3K0jVw6

Can food be a deductible expense?

Under the tax code, food is a personal expense and generally not tax deductible. However, the cost of food may be deductible if: 1) it’s prescribed and taken solely to alleviate or treat an illness; 2) it isn’t part of a patient’s nutritional needs; and 3) a physician provides a statement describing these facts. In […]

National Taxpayer Advocate urges changes to funding allocation

The National Taxpayer Advocate Erin Collins is urging more funding to be allocated towards taxpayer services and modernizing outdated systems. She suggests that less emphasis be placed on audits and enforcement. After years of underfunding, the IRS lacks up-to-date technology and sufficient staff, according to Collins. Yet $45.6 billion of the $80 billion Inflation Reduction […]

Does Your State Levy a Capital Stock Tax?

Does Your State Levy a Capital Stock Tax? https://bit.ly/3K04HqI

EIC changes introduced

A group of U.S. House Democrats on the Ways and Means Committee recently reintroduced the Worker Relief and Credit Reform Act. If passed, the bill would expand the Earned Income Tax Credit (EITC). This includes extending EITC eligibility criteria, increasing credit amounts and creating an advance payment regime administered by the IRS. The proposed bill’s […]

Where’s my refund?

Did you file your tax return and now wonder when to expect your refund? Check out the Where’s My Refund? web-based tool. If your return was e-filed, you can check its status within 24 hours after the IRS acknowledges receipt of the return. If you filed a paper return, allow four weeks before checking the […]

Changes in Sec. 174 make it a good time to review the R&E strategy of your business

It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of current deductibility for research and experimental […]

Will TCJA be extended?

Should certain Tax Cuts and Jobs Act (TCJA) provisions be extended or allowed to sunset? That’s the question lawmakers are contemplating. Indeed, many of the TCJA provisions are set to expire at the end of 2025. Two senators asked the Congressional Budget Office (CBO) to analyze the degree of spending cuts needed to balance the […]

2023 foreign housing cost exclusion issued

The IRS has issued the 2023 foreign housing cost exclusions. A U.S. citizen or U.S. resident alien living abroad can elect to exclude the foreign earned income and housing cost amount from gross income (with limitations). This exclusion is calculated based on the number of days physically present in the foreign location. In addition, the […]

The 2022 gift tax return deadline is coming up soon

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing requirements The annual gift tax […]