TIGTA reviews IRS examination policies

How does the IRS choose businesses for employment tax examinations and assess taxes if they aren’t in compliance? That’s what the Treasury Inspector General for Tax Administration (TIGTA) reviewed in a recent audit. The IRS Specialty Employment Tax (ET) segment conducts most employment tax examinations. TIGTA found that ET examinations had higher average dollars assessed […]

Changes to Social Security may be on the table

As Social Security reform talks heat up, changes to the retirement age, payroll tax may be on the table – CNBC https://cnb.cx/3kFWUVv

Don’t leave research tax credits on the table

Kansas City, Missouri, changes process for refund of 2022 earnings tax

Kansas City, Missouri, changes process for refund of 2022 earnings tax – KSHB 41 Kansas City News https://bit.ly/3ZHil7a

CBO projections on capital gain realizations

The Congressional Budget Office’s (CBO’s) projections of capital gains realizations have decreased from an estimated high of 8.7% of gross domestic product (GDP) in 2021 down to 3.7% of GDP by 2033. (8.7% was the highest percentage in more than 40 years.) According to the CBO, realized capital gains are highly cyclical and vary more […]

Ways and Means Committee issues Oversight Plan

The House Ways and Means Committee Chair Jason Smith (R-MO) has issued the committee’s Oversight and Authorization Plan. It provides a list of hearings and oversight priorities for the next two years. In a nutshell, the committee is poised to monitor IRS performance and enforcement activities, with other areas of focus including tax relief and […]

Sources of U.S. Tax Revenue by Tax Type

Sources of U.S. Tax Revenue by Tax Type https://bit.ly/3T1azDj

The used clean vehicle tax credit

If you’re in the market for an electric vehicle (EV) or a fuel cell vehicle (FCV), there may be good news. As of Jan. 1, 2023, qualified used EVs and FCVs purchased from a licensed dealer for $25,000 or less may be eligible for a used clean vehicle credit. The maximum credit is $4,000 and […]

Check fraud reduced by direct deposit

If you’re due a tax refund and are still reluctant to receive it by direct deposit, here’s a reason to reconsider. The Financial Crimes Enforcement Network (FinCEN) has reported a surge in check fraud schemes using the U.S. mail. Over 680,000 suspicious activity reports related to check fraud were filed in 2022, which is nearly […]

Do you run a business from home? You may be able to deduct home office expenses

Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your […]