A push to change the SALT deduction limit

A bipartisan coalition in the U.S. House of Representatives has renewed its push to lift the $10,000 cap on deducting state and local taxes (SALT) from federal tax returns. The cap was enacted in 2017 as part of the Tax Cuts and Jobs Act. It has mostly impacted higher-income property owners in states such as […]

IRS data leak in 2021 details emerging

What led to the “massive leak of confidential taxpayer information” at the IRS in June of 2021? That’s the question asked by House Ways and Means Committee Chair, Jason Smith (R-MO) in a letter to the Treasury Inspector General for Tax Administration (TIGTA). Smith stated that the leak to media outlet ProPublica was referred to […]

What is an ordinary business expense?

Business owners can generally deduct the ordinary and necessary expenses of operations. Tax law defines an expense as “ordinary” if the transaction is common for the type of business and “necessary” if it’s helpful in conducting the business. Courts also look at the primary motive for incurring costs. In one case, an attorney argued that […]

Spy Balloons. U.F.O.s. What Else Is Up There?

And now for something completely different, but interesting.Spy Balloons. U.F.O.s. What Else Is Up There? https://nyti.ms/3xTnptf

A new twist on an old “romance” scam

Local Income Taxes: A Primer

Local Income Taxes: A Primer https://bit.ly/3Zn88g5

America’s Scariest Quake Zone ISN’T in California

Earthquake: America’s Scariest Quake Zone ISN’T in California – AMU Edge https://bit.ly/3klKYbi

IRS Commissioner nominee lists priorities

Under his leadership, IRS Commissioner nominee Daniel Werfel vows to make audit equity, customer service and “tax cheating” priorities. On Feb. 15, Werfel testified before the U.S. Senate Finance Committee that he’s concerned about a “two-tier tax system” that treats lower- and higher-income taxpayers differently. When asked about how the IRS will spend the $80 […]

CBO projects $1.4 trillion 2023 federal deficit

In its new “Budget and Economic Outlook: 2023 to 2033” report, the Congressional Budget Office (CBO) projects a $1.4 trillion 2023 federal deficit. This is $0.4 trillion more than its May 2022 projection for 2023. What’s changed? Newly enacted legislation and economic factors, including inflation and rising interest rates, have affected the CBO’s projection models. […]

State Individual Income Tax Rates and Brackets for 2023

State Individual Income Tax Rates and Brackets for 2023 https://bit.ly/3Ik9kd6