Charitable donation of art in the courts

To receive a charitable tax deduction for the donation of art, a donor must properly substantiate the deduction. This is done with either a qualified appraisal or completion of Form 8283, Noncash Charitable Contributions. One donor donated a sculpture for which he claimed a $600,000 charitable tax deduction. The IRS disallowed the deduction because the […]

6 principles for strong internal controls

Donation of appreciated assets for tax deduction

It’s that tax planning time of year: What do you need to do to reduce obligations? – The Business Journals https://bit.ly/3fZoxpX

New Markets Tax Credit

The U.S. Treasury Department has announced $5 billion in New Markets Tax Credit (NMTC) awards. The NMTC Program allows taxpayers to receive a nonrefundable tax credit against federal income tax for making equity investments in Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships […]

What’s your filing status?

Before you know it, tax filing season will be here. One of the basic things to know is your correct filing status. Most of the five statuses are easy to determine. They are single; married filing jointly; married filing separately; head of household; and qualifying widow(er). The head of household status is often misunderstood. It […]

How High Are Taxes on Recreational Marijuana in Your State?

How High Are Taxes on Recreational Marijuana in Your State? https://bit.ly/3TkcXDy

Estimated federal budget deficit

The estimated federal budget deficit for fiscal year 2022 hit $1.4 trillion, exceeding projections from May 2022 by $341 billion. The Congressional Budget Office (CBO) recently reported that the overage reflects the Biden administration’s decision to provide student debt relief. Although student debt forgiveness was announced in August, the full multiyear costs are recorded up […]

IRA act intentions sought

Two Republican U.S. House Ways and Means Committee members are asking the U.S. Treasury Department whether it plans to use Inflation Reduction Act funds to surveil the business and personal bank accounts of Americans. President Biden proposed a bank surveillance plan in 2021, but Congressional Democrats dropped the proposal soon after. The President later modified […]

2023 State Business Tax Climate Index

2023 State Business Tax Climate Index https://bit.ly/3A3Iov9

fradulent PPP loans

Not everyone who received a Paycheck Protection Program (PPP) loan actually qualified for it. Recently, one man who prepared false loan applications for small businesses in exchange for a 30% fee was convicted of conspiring to defraud the IRS and the PPP. The man was sentenced to 10 years in prison. Unfortunately, some government workers […]