Filing Date Coming for Spring Storm relief states

The IRS is reminding residents and businesses in parts of four states that their extended 2022 tax filing due date is coming up fast on July 31, 2023. Taxpayers in certain counties in Arkansas, Indiana, Mississippi and Tennessee were granted extensions (see eligibility, https://bit.ly/3rundkh ) following severe spring storms. Among other things, this due date […]

The war against inflation is a long way away from being won

The war against inflation is a long way away from being won – CNBC https://bit.ly/3OitxUS

Summer activities can impact your taxes

Summer isn’t tax season (thank goodness!), but common summer activities can have tax implications. For example, if you’re getting married, you should notify the IRS and Social Security Administration about any name or address changes. Sending kids to camp? Depending on various factors, camp expenses could qualify for the Child and Dependent Care Credit. If […]

Tax Credits for New Clean Vehicles Purchased in 2023 or After

Tax Credits for New Clean Vehicles Purchased in 2023 or After https://bit.ly/44ReGWW

State and Local Sales Tax Rates, Midyear 2023

State and Local Sales Tax Rates, Midyear 2023 https://bit.ly/43xDHFN

2 big takeaways from the Supreme Court ruling on Biden’s student loan forgiveness plan

2 big takeaways from the Supreme Court ruling on Biden’s student loan forgiveness plan – CNBC https://bit.ly/44y3w9W

IRS focuses on US Tax Gap

The gross tax gap is defined as the difference between estimated “true” tax liability for a given period and the amount of tax that’s actually paid to the IRS on time. The Congressional Budget Office estimates that the U.S. tax gap from 2014 to 2016 averaged $496 billion annually. Because of funding from the Inflation […]

Use an S corporation to mitigate federal employment tax bills

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare tax. […]

Required minimum distributions from IRAs

The SECURE 2.0 Act made several changes regarding the beginning dates for required minimum distributions (RMDs) from IRAs. The IRS is providing transition relief to IRA owners and some beneficiaries regarding these changes. Specifically, in Notice 2023-54, the IRS is extending the rollover deadline for certain distributions that were mischaracterized as RMDs. In addition, the […]

Future threats to the Social Security Trust Fund

In a July 12 hearing, the U.S. Senate Budget Committee addressed future threats to the Social Security (SS) Trust Fund. If nothing changes, by 2035, benefits may have to be reduced. One option is to raise the full retirement age, based on gains in life expectancy that allow people more years to draw benefits. But […]