Sales Tax Rates in Major Cities, Midyear 2024

Sales Tax Rates in Major Cities, Midyear 2024 https://bit.ly/3MeoqDB

Offer in Compromise reversed

Certain taxpayers who can’t pay their full tax liability may seek an Offer in Compromise (OIC) with the IRS. An OIC is an agreement that settles the debt for less than owed if the taxpayers can demonstrate verifiable financial hardship. In one case, a couple was granted an OIC to resolve their disputed tax liabilities. […]

IRS grants extra time for disaster victims

Hurricane Debby has left extensive property destruction and disruption to the lives in its path. Fortunately, those affected by the storm in five separate states have now received federal tax relief. Residents and businesses in all of South Carolina and Vermont, 61 counties in Florida, 55 counties in Georgia and 66 counties in North Carolina […]

Where Do People Pay the Most in Property Taxes?

Where Do People Pay the Most in Property Taxes? https://bit.ly/3YSQFz6

IRS is still hiring

With some of the funding made available from the Inflation Reduction Act, the IRS is hiring certain positions. Specifically, it’s looking for generalist accountants to help investigate and collect tax from wealthy people who don’t file or who file but don’t pay what they owe. IRS Deputy Commissioner Douglas O’Donnell recently stated that the agency […]

Tax Free Tips?

While campaigning for president, both former President Donald Trump and Vice President Kamala Harris say they will eliminate taxes on tips if elected. Trump, who made the campaign promise first, hasn’t released details about his plan, but he did suggest that it would eliminate federal income tax and payroll tax, including Social Security. Harris said […]

Six tax issues to consider if you’re getting divorced

Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are six issues to be aware of if you’re in the process of […]

Digital Asset sales now reported on Form 1099-DA

In late June, the IRS issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. The regs require brokers to report certain sales that take place beginning in calendar year 2025. This will be done on Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The IRS has now issued […]

Educational Assistance Programs

Employers seeking to attract new recruits and retain talent should consider offering educational assistance programs to their employees. The plans aren’t new, but they temporarily offer greater flexibility in how they work. Through Dec. 31, 2025, the funds can be used to help employees pay their federal student loan debts. According to the U.S. Dept. […]

Closing a business involves a number of tax responsibilities

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, a business must file a final federal income tax […]