CBO reports on budget deficit

The Congressional Budget Office (CBO) has reported that the fiscal year 2023 federal budget deficit was nearly $1.7 trillion, a 23% increase ($320 billion) over 2022. According to the CBO’s final budget review, the deficit equaled 6.3% of gross domestic product (GDP), an amount greater than the 50-year average of 3.7%. And, compared with the […]

FASB issues new segment expense disclosure rules

On November 27, 2023, the Financial Accounting Standards Board (FASB) issued updated accounting rules on segment reporting. The guidance concludes several years of discussions aimed at providing investors with better information about a company’s business unit costs from the viewpoint of management. The rules will take effect next year for public companies. Existing rules The term […]

House Republicans to address three tax provisions of TCJA

House Republicans have expressed interest in year-end tax legislation that addresses what are often referred to as the “Big Three” tax provisions of the Tax Cuts and Jobs Act (TCJA). Specifically, they want to: 1) restore immediate expensing under the research credit, 2) restore the bonus depreciation amount to 100% (it’s currently 80% and drops […]

ERC claims continue to receive IRS scrutiny

It’s no secret that the IRS is aggressively seeking to disallow dubious claims for the Employee Retention Credit (ERC). That’s why new claims have been halted for now. As part of the process, the IRS is sending out more than 20,000 letters to taxpayers whose claims have been disallowed. Key reasons for disallowance include that […]

Businesses: Do you have to comply with the new corporate transparency reporting rules?

Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes Enforcement Network (FinCEN). […]

Clean Vehicle tax credit may reduce the cost of a new or used car

Taxpayers in the market for a new or used “clean” vehicle may save money up front, beginning in 2024. Those who qualify for tax credits for the purchase of a clean vehicle may be able to transfer the tax credits to an eligible dealer. In exchange, they can receive a financial benefit equal to the […]

A little known fact about wrongful incarceration

Here’s a little-known tax fact: Wrongfully incarcerated individuals aren’t required to include in federal taxable income civil damages, restitution or other monetary awards related to their wrongful incarceration. Taxpayers qualify if they’ve been convicted of a covered offense and meet one of the following: 1) They’ve been pardoned, granted clemency or granted amnesty; 2) their […]

Corporate Tax Rates around the World, 2023

Corporate Tax Rates around the World, 2023 https://bit.ly/46Xv6Of

SCOTUS hears case with far-reaching tax implications

The U.S. Supreme Court is hearing arguments in a case that could have far-reaching tax law implications for certain individuals. At issue in Moore v. U.S., is whether the Mandatory Repatriation Act (MRA), which was enacted as part of the Tax Cuts and Jobs Act and is intended to tax foreign profits of some U.S. […]

TIGTA audit on IRS telephone service released

During the hectic part of tax season last March, the Treasury Inspector General for Tax Administration (TIGTA) conducted an audit of the IRS’s telephone lines. TIGTA was assessing whether taxpayers were afforded simple, fast and accessible service. According to TIGTA, the IRS generally met U.S. Treasury Secretary Janet Yellen’s expectations for the 2023 filing season […]