Receiving money from Abroad?

Taxpayers who live in the United States and receive money from abroad are potentially subject to a range of U.S. tax-reporting requirements. If they file information returns late, an IRS system automatically applies penalties “without any review or action from IRS personnel,” the National Taxpayer Advocate, Erin Collins, wrote in a blog post. She said […]

Estimates due soon

You may still be reeling from paying your 2023 taxes by the April 15, 2024, due date. And if you’re required to make estimated payments, you probably also made your first estimated payment for 2024 by April 15. But don’t relax yet. The next estimated payment due date for 2024 income is rolling up fast, […]

Has the Inflation Reduction Act been beneficial?

Has the Inflation Reduction Act (IRA) been beneficial? That’s the subject of a recent survey by the AP-NORC Center for Public Affairs Research at the University of Chicago. The IRA is a federal law passed in 2022, aimed at enhancing clean energy. Yet nearly two years later, 67% of adults said they don’t believe enough […]

When do valuable gifts to charity require an appraisal?

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in […]

Do you have kids in college?

Do you have kids in college or are you in school yourself? You may be eligible for an education tax break. The American Opportunity Tax Credit (AOTC) covers 100% of the first $2,000 of tuition and eligible expenses, and 25% of the next $2,000 of expenses. With the AOTC, you can claim up to $2,500 […]

Tax Extenders

According to U.S. House Majority Leader Steve Scalise (R-LA), Republicans plan to extend tax cuts enacted by 2017’s Tax Cuts and Jobs Act if the party wins both congressional houses and the presidency on Nov. 5, 2024. Scalise has said they’ll use the “budget reconciliation” process, which requires a simple majority vote in the Senate […]

The tax advantages of including debt in a C corporation capital structure

Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include […]

How does the ACA premium tax credit impact the deficit?

Republican members of the House Ways and Means Committee have asked the Congressional Budget Office and the Joint Committee on Taxation how making the Affordable Care Act’s premium tax credit permanent would affect the deficit and health care costs in general. The lawmakers are requesting the “budgetary effects on outlays, revenues and the deficit.” The […]

The Federal Disaster Tax Relief Act

The U.S. House of Representatives has passed the Federal Disaster Tax Relief Act by a vote of 382 to 7. The legislation is a standalone bill carved out from the broader Tax Relief for American Families and Workers Act, which passed the House last January but has stalled in the U.S. Senate. Among other things, […]

New survey reveals top audit committee concerns

Audit committees act as gatekeepers over the accounting and financial reporting processes, including the effectiveness of the company’s control environment. However, as the regulatory landscape becomes increasingly complex and organizations face evolving risks, the scope of an audit committee’s responsibilities may extend beyond traditional financial reporting. Top-of-mind list In March 2024, a survey entitled “Audit […]