CBO reports on deficit

The Congressional Budget Office (CBO) has reported that the estimated federal budget deficit for the first four months of fiscal year 2024 reached $531 billion. That amount is $71 billion more than the deficit recorded during the same period during fiscal year 2023. Although revenues this year were $112 billion (8%) higher, outlays rose by […]

An update on the solvency of the Social Security Trust Fund

The long-term solvency of the Social Security trust fund has been a topic of concern for both Congress and individual taxpayers for years. Congress often puts forth bills to address the program’s projected financial shortfall. Some proposals aim to achieve financial balance by reducing costs (such as benefit amounts) while other proposals aim to achieve […]

Independent contractor vs. employee status: The DOL issues new final rule

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that […]

Is there an error on your W-2?

Did you receive an incorrect Form W-2 from a former employer? If so, the IRS advises you to first contact the employer to request a correction. If you haven’t received it by the end of February, contact the IRS to initiate a complaint (see link below). What happens next? The IRS will request a correction […]

IRS to increase audits of taxpayers with Business aircraft

The IRS announced that one focus of its efforts to improve tax compliance is to audit taxpayers who personally use business aircraft. IRS Commissioner Danny Werfel said this scrutiny will help provide confidence that everyone is “doing the right thing by filing and paying their taxes.” To that end, the IRS is increasing audits of […]

State Individual Income Tax Rates and Brackets, 2024

State Individual Income Tax Rates and Brackets, 2024 https://bit.ly/3TiX8Qw How do income taxes compare in your state?

Nonprofits are now eligible for clean energy tax breaks

For years, many U.S. colleges and universities invested in clean energy initiatives to fight climate change and lower utility bills. But nonprofit institutions weren’t eligible for clean energy tax breaks. The Inflation Reduction Act changed that. Now, schools not subject to federal income tax generally are eligible for clean energy credits if they use an […]

Beneficial Ownership Interest reporting questioned

Officials from the Financial Crimes Enforcement Network (FinCEN) recently defended the rollout of Beneficial Ownership Information (BOI) reporting before a U.S. House committee. To comply with an initiative intended to help prevent and detect money laundering, as many as 32 million companies are expected to file BOI reports. However, some House members and the American […]

Get ready for the 2023 gift tax return deadline

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax exclusion has increased […]

SALT change rejected

The U.S. House of Representatives recently rejected a bill that would have increased the state and local tax (SALT) deduction for certain taxpayers. Specifically, it would have increased the SALT deduction from $10,000 to $20,000 for married couples filing jointly with incomes up to $500,000. However, the SALT Marriage Penalty Elimination Act never reached the […]