Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death […]

Extra time for Vermont Floods

Victims of flooding in Vermont have extra time for certain tax-related tasks. Following a disaster declaration issued by the Federal Emergency Management Agency, the IRS granted tax relief to those affected by flooding that began on July 9. These victims now have until Nov. 15, 2023, to file various individual and business tax returns and […]

Tax Court says no

The U.S. Tax Court said “no” to several taxpayers who tried to claim charitable contribution deductions related to a sale of property owned by their family’s S corporation. After a “bargain” sale of the property for $5.25 million to a government entity, they claimed $5.22 million in charitable contribution deductions on their individual tax returns. […]

Supplement your financial statements with timely flash reports

Timely financial information is critical to a successful business or nonprofit organization. In today’s dynamic marketplace, you may need to act fast to ward off potential threats and risks — and jump on new opportunities. But if you wait until your financial statements are released to react, you’ll likely miss out. Flash reports can provide […]

Work continues on taxation of digital assets

Lawmakers are continuing to work on the tricky issue of how digital assets should be taxed. Currently, certain tax aspects of these assets can create complex reporting challenges for taxpayers. U.S. Senate Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) say they’re investigating key questions, including treatment of loans, wash sales, […]

Monday is the last chance to claim your 2019 tax refund

Monday is the last chance to claim your 2019 tax refund – CNN https://bit.ly/3pGdQO5

Benefits help businesses find and keep workers

IRS Issues Alerts and Begins Audit Activity Related to the Employee Retention Tax Credit

IRS Issues Alerts and Begins Audit Activity Related to the Employee Retention Tax Credit … – JD Supra https://bit.ly/3OfBfzo

Electronic Filing regulations for W-2s highlighted

Attention: employers! The IRS has issued a reminder that highlights the electronic filing regulations implemented earlier this year for Form W-2, Wage and Tax Statement. Indeed, beginning calendar year 2024, most Forms W-2 are required to be filed electronically if employers are filing 10 or more such forms. Previously, for calendar years 2022 and 2023 […]

Penalties updated for TIN reporting

Employers and businesses that must obtain taxpayer identification numbers (TINs): The IRS just updated some relevant information. Publication 1586, “Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs on Information Returns” has several objectives. The publication provides general information needed to avoid penalties for information returns that are filed with missing or incorrect TINs, […]