Budget battle continues…Here is the latest.

The battle over President Biden’s proposed 2024 budget continues in Washington. During a recent appearance before the House Ways and Means Committee, Treasury Secretary Janet Yellen bore the brunt of the GOP-controlled committee’s frustrations toward the administration’s spending agenda. Yellen reiterated that the budget’s tax proposals, such as the 25% “billionaire” wealth tax and increasing […]

Where’s My Tax Refund?

Where’s My Tax Refund? https://bit.ly/3JmMKkC

Treasury issues Green Book

The Treasury just issued its “Green Book” explaining the White House’s proposed fiscal year 2024 budget. Current law encourages investment in the fossil fuel sector with several tax credits, deductions and other provisions. If passed, the new budget would eliminate certain tax breaks. The Biden Administration believes these preferences create a distortion of the energy […]

Is that a taxable gift?

If a taxpayer makes large gifts above certain amounts, the donor must generally pay gift tax. In one case, an estate argued that sizable payments made by the deceased to various people weren’t taxable gifts but were “payments for care and companionship services.” In the last years of his life, he gave money to his […]

Claiming losses on depreciated or worthless stock

Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital loss deduction on your tax return. Here are the rules that apply when a stock you own is sold at a loss or becomes completely worthless. […]

IRA RMD Due Soon for those that turned 72 last year

Did you or someone you know turn 72 in 2022? For most of these taxpayers, April 1, 2023, is the last day to begin receiving required minimum distribution (RMD) payments from traditional IRAs, 401(k)s and similar retirement plans. This deadline is for those who haven’t already taken their first RMDs. Normally, RMDs must be taken […]

New IRS Commissioner Confirmed

On March 9, 2023, Daniel Werfel was confirmed as the IRS’s new commissioner. He can expect scrutiny from the Republican-controlled House Ways and Means Committee, which recently established an IRS watchdog office and a direct line for IRS whistleblowers. But Werfel was confirmed by a bipartisan vote that included six Republican senators. Still, Republicans have […]

Protect the “ordinary and necessary” advertising expenses of your business

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes. However, in order to be deductible, advertising and marketing expenses must be “ordinary and necessary.” As one taxpayer recently learned in U.S. Tax Court, […]

The 2024 Budget proposal contains tax increases

President Biden has released his 2024 proposed budget, and it includes about $5 trillion in tax increases on the wealthy and corporations to help offset the deficit and shore up Medicare. The top 0.01% would pay a minimum 25% tax and the top marginal rate would rise from 37% to 39.6% for taxpayers with annual […]

Can you claim the Credit for Other Dependents?

Do you have a dependent who doesn’t qualify for the Child Tax Credit? If so, you may be able to claim the Credit for Other Dependents, even if you also claim the Child and Dependent Care Credit and the Earned Income Credit. A maximum credit of $500 can be claimed per dependent of any age […]