IRS under fire for improper payments

Improper payments made by the IRS for emergency assistance programs are under fire. A report from the nonpartisan Government Accountability Office (GAO) notes that Congress and federal agencies must prevent and reduce payment errors, including fraud. These failures occurred in various disaster programs before COVID-19 hit and contributed to costly errors in the pandemic-related Economic […]

Save Big on Back-to-School Shopping With Sales Tax Holidays This Weekend

Save Big on Back-to-School Shopping With Sales Tax Holidays This … – CNET https://cnet.co/3KvPeie

Selling an investment? Don’t forget capital gains tax!

Missouri’s Back-To-School tax-free weekend is this weekend

Missouri’s Back-To-School tax-free weekend is this weekend – KMOV4 https://bit.ly/3OmXVfN

Sometimes seconds matter

Timing is everything, especially with tax filing deadlines. Taxpayers who have active cases with the U.S. Tax Court may be able to use the IRS e-filing system known as DAWSON to quickly upload documents. One taxpayer had 90 days to file a petition to challenge a proposed tax. But he waited until the evening of […]

IRS says new paperless processing initiative will allow for faster refunds

IRS says new paperless processing initiative will allow for faster refunds – Fox Business https://bit.ly/44SOs74

IRS prevailes in Tax Court

In a recent U.S. Tax Court decision, the IRS prevailed over a married couple that claimed the agency miscalculated their ability to pay. The taxpayers filed returns late for a couple of years, and the IRS assessed tax, plus interest. The taxpayers said they couldn’t pay the amount and requested an installment agreement and offer-in-compromise. […]

IRS provides transitional relief for RMDs and inherited IRAs

The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts. The guidance in IRS Notice 2023-54 also extends relief already granted to taxpayers covered by the so-called “10-year rule” for inherited IRAs and other defined contribution plans. […]

Beware of scams

Tax season may be long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the Employee Retention Credit, assert […]

Moving Mom or Dad into a nursing home? 5 potential tax implications

More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, […]