IRS rules on private foundations

Tax-exempt private foundations that award scholarships and grants must meet certain requirements. The IRS recently issued private letter rulings for three foundations. One, which makes grants to alumni of certain schools, won’t be taxed on related qualified expenses. A second foundation makes awards to dependents of its employees for college. It won’t be taxed on […]

Deficit projections

Fiscal challenges are ahead for the United States, according to the Congressional Budget Office (CBO). Each year, the nonpartisan CBO publishes its projections of where the federal budget and the economy will be in 30 years, based on current laws. Overall, the CBO foresees that large, sustained deficits will lead to high and rising debt, […]

Turning receivables into cash

It’s common for high-growth and seasonal businesses to have occasional shortfalls in their checking accounts. The reason relates to the cash conversion cycle — that is, it takes time to collect on customer invoices. In the meantime, of course, employees and suppliers want to get paid. The “cash gap” is currently getting wider for many […]

AICPA expresses need for NFT guidance

In a June letter to the IRS, the American Institute of CPAs (AICPA) responded to IRS Notice 2023-27 about non-fungible tokens (NFTs). In it, the organization expressed a need for additional guidance and made several recommendations. Among the AICPA’s suggestions to the IRS and U.S. Treasury Department were that the agencies should: clarify and define […]

When Missouri drivers can expect construction on I-70 to start

When Missouri drivers can expect construction on I-70 to start – KTVI Fox 2 St. Louis https://bit.ly/3XD6fwh

IRAs for nonworking spouses

Be careful, vigilant as IRS refund scam returns

Be careful, vigilant as IRS refund scam returns – WDTN.com https://bit.ly/46AptXf

IRS warns of new fraud scam

The IRS is warning taxpayers about a new fraud scam. Be suspicious if you receive a cardboard envelope from a delivery service claiming to be from the IRS. The enclosed letter will be riddled with typos and inaccuracies and mention an “unclaimed refund.” It will ask you to reply with “filing information,” including your Social […]

2019 Tax year closing soon

The IRS is issuing a last call to nearly 1.5 million taxpayers to claim their refunds for tax year 2019 by filing a tax return before the July 17, 2023, deadline. For these unclaimed refunds, the IRS estimates that the average median refund amounts to $893. Indeed, many low- and moderate-income workers may be eligible […]

The Trust Fund Recovery Penalty: Who can it be personally assessed against?

If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Sweeping penalty The TFRP is dangerous because it applies […]