New Speaker agrees to SALT relief

Rep. Mike Johnson (R-LA) has been sworn in as the 56th speaker of the U.S. House of Representatives. Notably, Johnson has agreed to address state and local tax (SALT) relief in a potential year-end tax package. A group of House Republicans, along with their House Democratic counterparts, have been working to undo a Tax Cuts […]

The IRS is changing communication methods available to taxpayers

Two-way communication with the IRS is getting easier as the agency seeks to improve customer service. For example, taxpayers that receive notices from the IRS generally have been required to respond by mail. However, beginning with the 2023 tax filing season, notice recipients have been able to respond online to 10 of the most common […]

Withdraw funds from inherited accounts now to avoid getting ‘buried in taxes’ later

Withdraw funds from inherited accounts now to avoid getting ‘buried in taxes’ later, IRA expert says – CNBC https://bit.ly/3QymBUW

Three options for your 401(k) when you change jobs

The Short Form: Do People Really Move Because of Taxes?

The Short Form: Do People Really Move Because of Taxes? https://bit.ly/49ej45C

Beware of Charity Scams

Around the world, natural disasters and violent conflicts with civilian victims continue to happen, and generous donors are eager to help. But before you donate to a disaster-related charity, check it out, the IRS warns. Unfortunately, criminals respond to our desire to help by posing as legitimate charities to solicit donations. When that happens, the […]

How to give without using gift tax exemption

Have you already maxed out your 2023 gift tax exemption by making cash gifts of $17,000 ($34,000, married couples) to family members? There still may be a tax-advantaged way to support loved ones this year. If you make tuition payments directly to an educational institution or qualified medical payments directly to a medical care provider […]

IRS offers a withdrawal option to businesses that claimed ERTCs

Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but complex, pandemic-related credit — and the potential consequences of an invalid claim. In response, the IRS has rolled out a new process that certain employers can use to […]

Foreign companies with US subsidiaries receive IRS scrutiny

Large foreign companies with U.S. subsidiaries, take note: The IRS is looking your way. On Oct. 19, IRS Commissioner Daniel Werfel announced that the tax agency would be sending compliance alerts to about 150 U.S. subsidiaries of foreign corporations the IRS believes don’t pay “their fair share of tax on the profit they earn on […]

IRS collection activity in the news

One outcome of the Inflation Reduction Act is the collection of unpaid taxes owed by certain high-income individuals. In Sept. 2023, the IRS announced that it had begun contacting 1,600 taxpayers that collectively owe hundreds of millions of dollars in recognized taxes. Already, $122 million have been collected. Among the individuals, one was ordered to […]