Non profit deadline Approaching

The tax filing deadline has passed for most of us, but not for all. For example, the IRS is reminding tax-exempt entities that they must file their 2023 returns by May 15. Those who can’t meet that deadline may seek a six-month extension. Many of the Form 990 series returns and Form 4720 (for private […]

Did you know that fees must also be refunded with Airline Tickets?

If you’re traveling this summer, you might be familiar with all the taxes and fees that are added to airplane fares. These include a 7.5% federal excise tax and other government-imposed fees. Recently, the U.S. Department of Transportation issued a rule that airlines must refund full fares, including taxes and fees, when passengers are owed […]

Time to claim $1 billion in tax refunds from 2020 expires on May 17

IRS reminder: Time to claim $1 billion in tax refunds from 2020 expires on May 17 – CNBC https://bit.ly/4dw4SXF

IRS website offers Small Business Center resources

The IRS is encouraging small businesses and self-employed taxpayers to bookmark its Small Business and Self-Employed Tax Center (https://bit.ly/3UEConh). This corner of the IRS’s website provides resources for businesses with assets of less than $10 million and taxpayers who file Form 1040 or 1040-SR, Schedules C, E, F or Form 2106. Resources include relevant publications […]

Ways and Means Committee studies expiring tax provisions

Republican members of the U.S. House of Representatives’ Ways and Means Committee have formed several “tax teams” to study the expiring tax-related provisions of the Tax Cuts and Jobs Act (TCJA). Many of these provisions are scheduled to expire on Jan. 1, 2026. Specifically, 10 tax teams have been established to focus on: American manufacturing, […]

IRS issues guidance on tax treatment of energy efficiency rebates

The Inflation Reduction Act (IRA) established and expanded numerous incentives to encourage taxpayers to increase their use of renewable energy and adoption of a range of energy efficient improvements. In particular, the law includes funding for nearly $9 billion in home energy rebates. While the rebates aren’t yet available, many states are expected to launch their programs […]

IRS highlighted numerous resources during Small Business Week

During National Small Business Week (April 28 – May 4), the IRS highlighted numerous resources available to help small business owners and entrepreneurs learn and understand their tax responsibilities. Indeed, there are several tax-related issues to consider. For example, one of the first steps when starting a small business is acquiring an employer identification number […]

Selling your home?

Summer will be here in just a few weeks, and that’s a time when many people move. If moving includes selling your home, at tax filing time you may qualify to exclude some or all gain from the sale. To claim the exclusion, you must meet ownership and use tests: During the five-year period ending […]

The pros and cons of turning your home into a rental

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487 and $1,847, respectively, according to the latest Zumper National Rent Report. In some parts of the country, rents are much higher or lower than the […]

You can appeal an OIC rejection

Taxpayers who can’t pay the full tax they owe may request an offer in compromise (OIC) from the IRS. That’s a way to settle your tax debt for less than is owed. The IRS states that it generally approves an OIC from an eligible taxpayer if it’s reasonable. But suppose your OIC is rejected. If […]