IRS continues with it’s 10 year digital transformation goals

The IRS is continuing to work toward achieving its digital transformation goals. IRS Chief Transformation and Strategy Officer David Padrino recently said that the IRS commissioner has “roughly a 10-year vision” for taxpayers to be able to satisfy all their tax obligations and communicate with the IRS online. The IRS’s modernization goals include creating electronic […]

CAMT penalty relief

The Inflation Reduction Act established a corporate alternative minimum tax (CAMT), which imposes a 15% minimum tax on the adjusted financial statement income of large corporations. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion. In April, the IRS waived the estimated tax penalty imposed on corporations to […]

Local Income vs. Sales Taxes: Which Is the Better Source of Local Revenue?

Local Income vs. Sales Taxes: Which Is the Better Source of Local Revenue? https://bit.ly/3KSNuiz

Changing jobs? Don’t forget your 401(k)

Leaving a job? You may want to roll over funds in your former employer’s 401(k) plan to an IRA. But there’s a tax trap for the unwary. You can dodge it by arranging for a direct trustee-to-trustee transfer from the plan to your IRA. Why a direct transfer? If you receive a 401(k) plan check […]

IRS issues another scam warning

The IRS has issued a warning about the rising threat of impersonation scams targeting older adults. In these scams, criminals pretend to be government officials with the goal of stealing sensitive personal information and money. They may pose as representatives from the IRS or other agencies and try to extract information through phone calls, emails […]

Beer Taxes: How Does Your State Compare?

Beer Taxes: How Does Your State Compare? https://bit.ly/3RrZ48g

ABLE accounts for disabled children

If your child is disabled, consider setting up a tax-advantaged Achieving a Better Life Experience (ABLE) account. Currently, ABLE accounts allow people who became disabled before age 26 to save money without harming their eligibility to receive Medicaid or Social Security benefits. Account owners, family members and friends can contribute to an individual’s ABLE account, […]

Did you make your estimate payment?

The second quarter estimated tax payment deadline was June 17. If you missed that deadline you should make your payment as soon as possible to minimize possible penalties. If you don’t currently make estimated payments, should you? In general, individuals should make payments if they expect to have a tax liability of $1,000 or more […]

You may be entitled to tax breaks if caring for an elderly relative

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: 1. Medical expenses. If the individual qualifies […]

An Overview of the Federal Tax System for 2024

The Joint Committee on Taxation has released a report titled “Overview of the Federal Tax System as in Effect for 2024” (JCX-26-24). It breaks down the current system into four main elements: 1) an income tax on individuals, estates, trusts and corporations (which consists of both a “regular” income tax and, in certain cases, an […]