IRS Commissioner testifies before House Oversight Committee

Recently, IRS Commissioner Daniel Werfel testified before a U.S. House Oversight Committee about achievements attributable to the Inflation Reduction Act’s supplemental funding for the agency. In particular, Werfel named three successes: 1) improved access to the IRS for taxpayers via customer service, 2) upgraded IT infrastructure that will help the agency identify and audit wealthy, […]

Tips for a faster month-end close

Does your company struggle to close its books at the end of each month? The month-end close requires accounting personnel to round up data from across the organization. This process can strain internal resources, potentially leading to delayed financial reporting, errors and even fraud. Here are some simple ways to streamline your company’s monthly closing […]

GAO reports on IRS opportunities to address challenges

In recent testimony to Congress, the Government Accountability Office (GAO) said the IRS has areas in which to improve its operations that align with the agency’s strategic operating plan. GAO’s Director of Strategic Issues, Jessica Lucas-Judy, focused her testimony on two specific areas that warrant attention: “service and processing” and “data safeguards and information technology.” […]

New Speaker agrees to SALT relief

Rep. Mike Johnson (R-LA) has been sworn in as the 56th speaker of the U.S. House of Representatives. Notably, Johnson has agreed to address state and local tax (SALT) relief in a potential year-end tax package. A group of House Republicans, along with their House Democratic counterparts, have been working to undo a Tax Cuts […]

The IRS is changing communication methods available to taxpayers

Two-way communication with the IRS is getting easier as the agency seeks to improve customer service. For example, taxpayers that receive notices from the IRS generally have been required to respond by mail. However, beginning with the 2023 tax filing season, notice recipients have been able to respond online to 10 of the most common […]

Withdraw funds from inherited accounts now to avoid getting ‘buried in taxes’ later

Withdraw funds from inherited accounts now to avoid getting ‘buried in taxes’ later, IRA expert says – CNBC https://bit.ly/3QymBUW

Three options for your 401(k) when you change jobs

The Short Form: Do People Really Move Because of Taxes?

The Short Form: Do People Really Move Because of Taxes? https://bit.ly/49ej45C

Beware of Charity Scams

Around the world, natural disasters and violent conflicts with civilian victims continue to happen, and generous donors are eager to help. But before you donate to a disaster-related charity, check it out, the IRS warns. Unfortunately, criminals respond to our desire to help by posing as legitimate charities to solicit donations. When that happens, the […]

How to give without using gift tax exemption

Have you already maxed out your 2023 gift tax exemption by making cash gifts of $17,000 ($34,000, married couples) to family members? There still may be a tax-advantaged way to support loved ones this year. If you make tuition payments directly to an educational institution or qualified medical payments directly to a medical care provider […]