A tax break to help pay for K–12 education costs

Can’t pay your taxes?

Whether you’re wealthy or middle class, it’s possible you could hit hard financial times, including being temporarily unable to pay tax debt. In that situation, contact us or the IRS to discuss your options. One option may be to request a temporary delay of collection processes. If a detailed review of your financial status and […]

Tax Court rules on omission of income

Owners of pass-through businesses must report income received on their individual tax returns, where it’s taxed as ordinary income. One married couple who had complex legal and financial issues was audited by the IRS. Evidence showed they received consulting fees of $1.2 million from an LLC they owned. That company deducted the fees as an […]

Taxes take center stage in the 2024 presidential campaign

Early voting for the 2024 election has already kicked off in some states, but voters are still seeking additional information on the candidates’ platforms, including their tax proposals. The details can be hard to come by — and additional proposals continue to emerge from the candidates. Here’s a breakdown of some of the most notable […]

National Taxpayer Advocate responds to criticisms

The National Taxpayer Advocate Erin Collins is responding to phone service criticisms made by the Treasury Inspector General for Tax Administration. In a blog post (https://bit.ly/47F2X0d), Collins acknowledged that the Tax Advocate Service (TAS) isn’t resolving cases, providing updates or returning phone calls as quickly as she’d like. She noted an 18% increase in TAS […]

Per diem rates for 2024-2025 released by the IRS

The IRS has released new 2024–2025 special per diem rates for expenses incurred when traveling away from home. They include the 1) transportation industry meals and incidental expenses (M&IE) rates, 2) incidental expenses only deduction and 3) list of high-cost localities used in the high-low substantiation method. Although employers can pay workers more than the […]

The Alternative Fuel Vehicle Refueling Property Credit

The IRS has issued proposed regulations regarding the Alternative Fuel Vehicle Refueling Property Credit. The Inflation Reduction Act amended the credit for qualified alternative fuel vehicle refueling property. (These properties generally consist of battery-powered electric vehicle recharging stations.) The changes apply to qualified alternative fuel vehicle refueling property placed in service after Dec. 31, 2022, […]

Here we go again…another budget impass

Federal government funding is set to run out on Oct. 1. If Congress doesn’t reach an agreement, a partial federal government shutdown will occur. Eager to avoid this outcome during the run-up to the Nov. election, lawmakers have been crafting a continuing resolution to temporarily fund government agencies. Speaker of the House Mike Johnson (R-LA) […]

Are you liable for two additional taxes on your income?

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Let’s take a look at these taxes and what they could mean for you. 1. The NIIT In addition to income tax, this tax applies on […]

What to do if you receive another taxpayers information from the IRS

Mistakes happen, even at the IRS. For example, you may receive an IRS document that isn’t meant for you. The National Taxpayer Advocate (NTA) calls that an inadvertent unauthorized disclosure. It may arrive by postal mail, email, fax or electronic transmission. What should you do? The NTA says to notify the IRS using the phone […]