Emissions impacted by Tax?

How are carbon-dioxide emissions affected by tax or allowance prices on them? A recent Congressional Budget Office (CBO) paper examines this question. It scrutinizes three groups: the electrical power industry, the transportation sector and a composite residential, commercial and industrial group. In the electrical power industry, “price sensitivities of energy-related emissions over the first 10 […]

Know your Rights

Dealing with the IRS is often frustrating. But as a taxpayer, you’re entitled to know how to comply with tax laws and why certain actions are taken. In fact, the IRS must adhere to 10 specific rights, known as the Taxpayer Bill of Rights. One of those is the right to be informed when changes […]

New audit committee survey reveals trends on risks, ESG reporting and more

In late January, a survey entitled “Audit Committee Practices Report: Common Threads Across Audit Committees” was published by Deloitte and the Center for Audit Quality, an affiliate of the American Institute of Certified Public Accountants. The survey analyzed 246 responses, including 86% of respondents who served on audit committees of public companies. Here are some […]

IRS levy

If an individual doesn’t pay a tax debt, an IRS levy permits the legal seizure of his or her property. The IRS can garnish wages, take money in a bank account and seize vehicles, real estate and other personal property. In one case, a credit union surrendered the contents of a man’s account to the […]

The Ins and Outs of IRAs

Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and your […]

Tax records can paint a vivid picture

Are you eligible for a medical expense tax deduction?

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if […]

Missing a form

Are you missing a key tax document? Or did you receive a document with errors? Employers must send W-2s (Wage and Tax Statements), Forms 1099-NEC (Nonemployee Compensation Statements) and other 1099s by Jan. 31 each year. If you’re missing a form or received an incorrect document, start by contacting the employer or other responsible entity. […]

Extended filing and payment deadlines

Most people welcome the arrival of spring. But unfortunately, spring can mean a higher incidence of such natural disasters as tornados and flooding. To help individuals and businesses affected by disasters, the IRS regularly updates a list of tax relief by jurisdiction. Currently, it includes information for those affected by Washington state storms, Colorado fires […]

New tax reporting requirements for payment apps could affect you

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your recordkeeping burden, as well as the number of tax-related documents you […]