FinCEN cuts US Banking ties to Iraq’s Al-Huda Bank

U.S. financial institutions generally are prohibited from doing business with foreign institutions that the Financial Crimes Enforcement Network (FinCEN) has named as conduits for terrorist financing. FinCEN recently severed ties with Iraq’s Al-Huda Bank because investigators found it had used access to U.S. dollars to support terrorists. Also, the bank’s chairman was determined to have […]

National Taxpayer Advocate Issues reports on filing season

National Taxpayer Advocate Erin M. Collins recently issued to Congress her mid-year report assessing the current state of the IRS. In a nutshell, the report says that the tax filing season “generally ran smoothly” this year. However, it also flagged some challenges. They include delays in issuing refunds to identity theft victims, providing misleading information […]

What is the future of taxation?

Currently, the tax community is navigating great uncertainty primarily for two reasons: the outcome of the national election in November and the fact that most individual provisions of the Tax Cuts and Jobs Act are set to expire after Dec. 31, 2025. At that time, tax rates are scheduled to go up, and some provisions […]

Do you get your tax information from Tik Tok?

Tik Tok is wildly popular with many people, but the IRS isn’t a fan. On its 2024 “Dirty Dozen” list of tax scams, the IRS included “bad tax information” on social media sites, such as TikTok. Specific areas of concern include bad advice about the fuel tax credit, the sick and family leave credit and […]

Student Loan Forgiven?

If you or a family member is fortunate enough to have a student loan forgiven, will the amount forgiven be taxable? Generally speaking, forgiven debt constitutes taxable income. However, certain forgiven student debt is currently exempt from federal tax through 2025. In addition, most states exempt student debt relief from their income tax, but there […]

US suspends tax treaty with Russia

The United States has formally notified the Russian Federation that it’s suspending elements of an income tax treaty. This is in response to an Aug. 8, 2023, notice by Russia that it wished to suspend parts of the treaty. The suspension is expected to affect the tax obligations and costs of U.S. companies operating in […]