What to know before filing your 2022 tax return in Illinois, Missouri – KSDK.com https://bit.ly/3WyZ0mP 

An employee may be able to exclude from income the value of lodging provided by an employer if certain conditions are met. The lodging must be “furnished on the business premises” and be “for the convenience of the employer.” Plus, the employee must be required to accept the lodging as a condition of employment. In […]

The IRS plans to add to its digital capabilities and flesh out its tax assistance services this filing season, according to Ken Corbin, commissioner of the tax agency’s Wage and Investment Division. Corbin recently explained how this filing season will be noticeably different than from years past. He said that the IRS is expanding online […]

New IRA Lets You Take IRA Withdrawals Later – AARP https://bit.ly/3kJtJA8 

Business owners can generally deduct the ordinary and necessary costs to conduct business. However, the burden to prove the deductions are legitimate is on the taxpayer. In one case, a married couple wholly owned a software development S corporation. The U.S. Tax Court disallowed many deductions they claimed over multiple years. The couple provided a […]

Can you spot an abusive tax scheme? The IRS is currently aware of over 40 types of tax schemes marketed by promoters. These schemes help taxpayers illegally dodge the taxes they owe, causing the “tax gap” to widen. According to a report by the Government Accountability Office (GAO), the IRS needs to make it easier […]

Reminder: Employers and other businesses must file certain 2022 wage statements soon. Employers must file their copies of Form W-2, Wage and Tax Statement and Form W-3, Transmittal of Wage and Tax Statements with the Social Security Administration by Jan. 31, 2023. The Jan. 31 deadline also applies to Form 1099-NEC, Nonemployee Compensation, which is […]

If you donate cryptocurrency to a charity, you may need a qualified appraisal, depending on the amount of the gift. In Chief Counsel Advice, the IRS denied a taxpayer’s charitable deduction of a cryptocurrency contribution because she didn’t obtain a qualified appraisal. The taxpayer argued that no appraisal was necessary for the $10,000 donation she […]