Property Donation deduction rejected

Donating property to a qualified nonprofit may result in a tax deduction if you follow the rules. Get a written receipt when you donate. For property worth more than $500, complete and attach IRS Form 8283 (Noncash Charitable Contributions) to your tax return. If the property is worth over $5,000, you must also obtain a […]

State Tax Reform and Relief Enacted in 2022

State Tax Reform and Relief Enacted in 2022 https://bit.ly/3IDoZnD

House wants review of IRS audits

Bipartisan members of the U.S. House of Representatives want to investigate certain taxpayer audits. Members of the House Ways and Means Committee asked the Treasury Inspector General for Tax Administration (TIGTA) to review whether tax returns of former FBI director James Comey and his deputy Andrew McCabe were targeted for research audits. These audits involve […]

How disability income benefits are taxed

If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who paid for the benefit? If the income is paid directly to you by your employer, it’s taxable to you just as your ordinary salary would be. (Taxable benefits are also subject to […]

Joint Committee on Taxation releases overview of the 2022 tax system

The Joint Committee on Taxation, a nonpartisan Congressional advisory group, has released its latest version of an overview of the federal tax system. The document specifies that there are four main types of federal tax: 1) income tax on individuals, estates, trusts and corporations, 2) payroll tax on wages, 3) estate tax, gift tax and […]

How do taxes factor into an M&A transaction?

Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and sold. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction […]

Final rule issued for defined benefit plans

The Pension Benefit Guaranty Corporation is a federal government agency that regulates private sector defined benefit pension plans. Recently, it issued a final rule regarding restrictions and conditions under its Special Financial Assistance (SFA) Program for extremely distressed plans. The final rule reflects public comments on the interim rule released in 2021. Final rule changes […]

Paying tribute to auditor independence

In the spirit of Independence Day, it’s a good time to review the rules for auditor independence. If you discover potential issues now, there’s still plenty of time to take corrective action before next year’s audit begins. Definition of independence Independence is one of the most important requirements for audit firms. It’s why investors and […]

IRS funding

In a report to Congress, the Electronic Tax Administration Advisory Committee (ETAAC) said lawmakers should provide the IRS sustained, long-term funding before fiscal year 2023 begins this fall. This will help ensure that new programs are implemented smoothly with enough staff trained in their facilitation. The recommendation comes at a time when the House Appropriations […]

Reminders for Extension Filers

Reminders for Extension Filers https://bit.ly/3NyN3sE