Action brewing to address Housing Crisis

Supporters of affordable housing are urging the Senate Finance Committee to advance tax policy that addresses the current housing crisis. According to the National Association of Realtors, the share of sales going to first-time homebuyers fell last year to the lowest level on record. Several committee members appeared on board with the need for legislative […]

U.S. Supreme Court rules against the IRS on critical FBAR issue

The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts […]

IRS alerts taxpayers of another scam

Among the many scams taxpayers should be aware of this filing season is one involving Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. Some filers have been falsely encouraged to claim the credits based on employee (not self-employment) income. These credits aren’t even available for 2022. In a similar scheme, […]

IRS Levy

If individuals don’t pay taxes (or make arrangements to settle the debt), the IRS may levy wages through their employers. But one man who owed back taxes filed a lawsuit against his employer after the corporation complied with an IRS levy on his wages. The man argued that the IRS didn’t have authority to seize […]

Does Your State Have a Gross Receipts Tax?

Does Your State Have a Gross Receipts Tax? https://bit.ly/3ZQUSk4

Missing a W-2 or 1099 form?

What should you do if you haven’t yet received a 2022 Form W-2 or Form 1099-NEC from an employer? Don’t panic. Call the employer and ask for a copy of the form. If you still don’t receive it, call the IRS to find out if it has a copy of the missing form. If it […]

IRS issues scam alert

With tax season underway, new tax scams are on the rise. The IRS has issued an alert regarding new scams that urge people to use wage information on a tax return to claim false credits in hopes of getting a big refund. One scam currently circulating on social media encourages people to use tax software […]

Buying a new business vehicle? A heavy SUV is a tax-smart choice

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes. Depreciation rules Business cars are […]

Disclosure of Tax Havens and Offshoring Act

Eleven Democratic Senators are backing legislation, dubbed the Disclosure of Tax Havens and Offshoring Act, intended to provide transparency around corporations’ use of tax havens and incentives to offshore jobs. The bill would require public companies to disclose their financial reporting on a country-by-country basis. Supporters of the bill say that ensuring public access to […]

Taxpayer wins FBAR penalty case

On Feb. 28, a taxpayer prevailed in a case before the U.S. Supreme Court (SCOTUS) concerning the “Report of Foreign Bank and Financial Accounts” (FBAR). Taxpayers who have foreign financial accounts worth over $10,000 in the previous year must report them on annual FBARs or face penalties. Lower courts have disagreed on how to apply […]