Congress has passed the Consolidated Appropriations Act of 2023. The new law also encompasses the SECURE 2.0 Act, with many retirement saving provisions that will phase in over several years. For example, the law permits a beneficiary of a 529 college savings account to make direct rollovers from a 529 account in his or her […]

If a person has taxable income but doesn’t file a tax return, the IRS can prepare one under its “Substitute for Return” program. In one case, the operator of a real estate consulting firm received gross income of nearly $368,000 in one year but didn’t file a tax return or pay estimated tax. The IRS […]

Business owners still have a small handful of shopping days left to buy tax-deductible supplies. As you know, you can generally write off the ordinary and necessary costs of carrying on a trade or business. You may need items such as paper, envelopes, copier ink cartridges, staplers, breakroom supplies, binders, office chairs and more. Buy […]

Spouses who file joint federal tax returns are both generally liable for the tax owed. But joint filers may be eligible for innocent spouse relief. In one case, the U.S. Tax Court ruled that a wife wasn’t entitled to relief from tax liability with her husband. She didn’t prove that she was unaware of tax […]

Taxpayers can deduct all “ordinary and necessary expenses” paid in carrying on a trade or business. But they must prove that they’re entitled to the deductions claimed. In one case, the U.S. Tax Court ruled a married couple wasn’t entitled to deduct various business expenses for which they offered no valid or insufficient substantiation. For […]

Would Americans Make Charitable Donations without Tax Incentives? https://bit.ly/3hQJK6j