Proposed legislation in the U.S. House would, if enacted, restore the tax deduction for certain property and casualty losses that the Tax Cuts and Jobs Act eliminated through 2025. Julia Brownley (D-CA) introduced the Protecting Homeowners from Disaster Act on Jan. 12, 2023. It would enable uninsured disaster victims to deduct losses even if those […]
Read More Legislation to change property loss deduction rules introducedThe Public Company Accounting Oversight Board (PCAOB) recently published its second post-implementation review on critical audit matters (CAMs). The report found that, while the proportion of auditor’s reports that have a single CAM has increased, the average number of CAMs has declined over time. Here’s what you should know. Defining CAMs Auditors of public companies […]
Read More New report shows a decrease in CAMs in 2022Victims of recent storms in parts of Alabama and Georgia have been granted tax relief, the IRS announced. Relief is available to those who live or have a business in the disaster area, giving them until May 15, 2023, to file various individual and business tax returns and make tax payments. Also extended are the […]
Read More Alabama and Georgia granted tax reliefYour 2023 Guide To Entertainment And Meal Deductions – Forbes https://bit.ly/3j1LaeZ
Read More Your 2023 Guide To Entertainment And Meal Deductions2022 holiday sales defied predictions of retail gloom
Read More 2022 holiday sales defied predictions of retail gloomWhat to know before filing your 2022 tax return in Illinois, Missouri – KSDK.com https://bit.ly/3WyZ0mP
Read More What to know before filing your 2022 tax return in Illinois, MissouriAn 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 […]
Read More Income exclusion rulesThe 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 […]
Read More IRS improvements planned for 2023 filing seasonNew IRA Lets You Take IRA Withdrawals Later – AARP https://bit.ly/3kJtJA8
Read More New IRA Lets You Take IRA Withdrawals LaterBusiness 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 […]
Read More Burden of proof for deductions
