Proposed Bill provides tax relief for disaster victims

A bill in Congress would lift limits on tax relief for disaster victims. The Casualty Loss Deduction Restoration Act has support from both parties in the U.S. House and Senate, plus the accounting profession. If passed, it would repeal a temporary provision of the Tax Cuts and Jobs Act. Reps. Dan Crenshaw (R-TX) and Joe […]

Does Your State Have a Sales Tax Holiday?

Does Your State Have a Sales Tax Holiday? https://bit.ly/3q6DDPE

Tax return on extension?

Did you request an extension to file your tax return after the standard April 18, 2023, deadline? If so, you now have until Oct. 16 to prepare and file it with the IRS. Don’t wait until the last minute! As soon as possible, gather your records for the 2022 tax year and make an appointment […]

Tax change for high-income earners’ 401(k) catch-up savings hits

Tax change for high-income earners’ 401(k) catch-up savings hits … – USA TODAY https://bit.ly/3YaZiTk

US Tax Court rules on IRS method to determine unreported income

If the IRS suspects a taxpayer isn’t reporting all income, it may conduct a “bank deposits analysis” to compare deposits with what the taxpayer reported on a tax return. In one case, the IRS conducted an analysis of a married couple’s business because they hadn’t reported all income and hadn’t maintained proper records. The couple […]

Corporate officers or shareholders: How should you treat expenses paid personally?

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you […]

Just Married?

It’s a good bet that taxes are the furthest thing from the minds of a newlywed couple. (Unless, that is, one of them is a CPA!) Regardless, sometime after the wedding and honeymoon, it’s important to sit down to review a few tax-related items. Indeed, a change in marital status can precipitate tax implications. For […]

Retirement account catch-up contributions can add up

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll […]

What happens if I don’t pay?

If a taxpayer fails to pay the IRS following a tax assessment, the agency can take legal action to collect the overdue tax. Options include filing liens and issuing levies to claim and seize the delinquent taxpayer’s property. In one new case, a federal appeals court ruled that the U.S. Tax Court properly sustained the […]

Receivables: Quality counts

For many companies, a significant line item on the balance sheet is accounts receivable. But can you take the amount reported at face value, or could there be more to the story? It’s important to dig deeper to understand the quality of accounts receivable. Balances might include stale invoices, bad debts — and even fictitious […]