Wealthy individuals can be tempting targets for dishonest promoters pushing a variety of aggressive strategies designed to reduce taxes. The IRS is warning that these schemes can take different forms, including inflated art donation deductions, aggressive charitable remainder annuity trusts and detailed tax shelters that purport to delay paying gains on property. For example, one […]

Missouri House narrowly sends private-school tax credit, charter expansion to governor’s desk • Missouri Independent – Missouri Independent https://bit.ly/448FaEb 

The Inflation Reduction Act imposed an excise tax on corporate stock repurchases. The excise tax is equal to 1% of the aggregate fair market value (FMV) of stock repurchased by certain corporations during the taxable year. It applies to repurchases made after Dec. 31, 2022. The IRS has issued proposed regulations that would, among other […]

Social media is a path many bad actors use to lure honest taxpayers with misinformation, the IRS warns. Some promoters of bad tax advice are seeking “clicks,” but others have criminal motives. Taxpayers who knowingly file fraudulent tax returns could face civil and criminal penalties, according to the IRS. That’s why the agency added a […]

Did you know that dependents who don’t meet criteria for the child tax credit may qualify for a $500 nonrefundable “other dependents” credit? You typically can claim it for dependents of any age, including college students, parents that you support financially and unrelated people who live with you. They must be U.S. citizens, nationals or […]

Eligible U.S. citizens and residents living abroad are allowed to exclude from income a portion of their housing expenses paid by employers. The IRS recently announced that for 2024, foreign-based taxpayers who receive income from an employer can exclude or deduct a maximum $37,950. This allowance helps protect expatriates from double taxation when they pay […]

Charitably inclined individuals should be aware of groups that are masquerading as charitable organizations to attract donations. The fraudsters use fake charities as cover to not only obtain money, but also gather sensitive personal and financial information that can be exploited for tax-related identity fraud. When taxpayers contribute to an organization, they may qualify for […]

The IRS has issued guidance that addresses the tax treatment of rebates received for purchasing energy efficient property and improvements. Generally, individuals who receive the rebates aren’t required to include their value as income on their federal tax returns. However, they must reduce the basis of the property by the amount of the rebate when […]