Will TCJA be extended?

Should certain Tax Cuts and Jobs Act (TCJA) provisions be extended or allowed to sunset? That’s the question lawmakers are contemplating. Indeed, many of the TCJA provisions are set to expire at the end of 2025. Two senators asked the Congressional Budget Office (CBO) to analyze the degree of spending cuts needed to balance the […]

2023 foreign housing cost exclusion issued

The IRS has issued the 2023 foreign housing cost exclusions. A U.S. citizen or U.S. resident alien living abroad can elect to exclude the foreign earned income and housing cost amount from gross income (with limitations). This exclusion is calculated based on the number of days physically present in the foreign location. In addition, the […]

The 2022 gift tax return deadline is coming up soon

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing requirements The annual gift tax […]

Do you have a profit motive?

Taxpayers who are in business to make a profit can generally deduct related expenses on their tax returns. If the IRS doubts a genuine profit motive exists, the activity may be deemed a hobby, limiting the ability to deduct costs. In one case, partners operated a farm that bought, sold, bred and raced Standardbred horses. […]

Proposed Budget faces pressure

President Biden’s $6.9 trillion proposed budget faces fierce headwinds from Republicans. In a March 15 hearing, Republicans on the Senate Budget Committee said the proposals would result in more taxes, more debt, less opportunity and fewer resources for essential government services. The director of the Office of Management and Budget testified that the proposals would […]

Close-up on sources of substantive audit evidence

Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here’s a summary of the types of “substantive evidence” auditors gather to help them form opinions regarding your financial statements. Original source documents Auditors can verify an account balance or record […]

Spotlight on executive compensation

Medicare enrollees could see lower costs on 27 Part B drugs in April – CNBC https://bit.ly/3LxmZAV

Renewable energy and efficiency related tax credits

The Inflation Reduction Act (IRA) features several renewable energy and efficiency-related tax credits that may benefit homeowners and businesses in 2023. These include extending the Energy Efficient Home Improvement Credit through 2032 and increasing the amount of the credit from 10% to 30% for installing qualified equipment. Similarly, the Residential Clean Energy Tax Credit has […]

Happy St. Patrick’s Day

“May your troubles be less, your blessings be more, and nothing but happiness come through your door.” Happy St. Patrick’s Day!