Are you keeping detailed tax records? With 2022 half over, you should be mindful that tax planning is a year-round task. Putting off recordkeeping could result in lost tax opportunities. Eligibility for certain tax credits and deductions available to taxpayers is based on their adjusted gross income (AGI). AGI is gross income minus specific deductions […]

Happy Birthday, America! “It will be celebrated with pomp and parade, bonfires and illuminations from one end of this continent to the other.” – John Adams Let Freedom Ring.  Wishing you a safe and happy 4th of July!

Slight economic shifts could result in higher-than-expected deficits over the next decade, said the Congressional Budget Office (CBO). The CBO recently issued a report that analyzed variables that could affect the economy through 2032, including productivity growth, gross domestic product, labor force growth, and interest and inflation rates. For example, if productivity growth slowed by […]

For the IRS to accept an employer’s offer in compromise (OIC) to settle its tax debt for less than the amount it owes, the employer must observe all rules, including a new one. Previously, employers were required to make all federal tax deposits (FTDs) for the quarter submitted and subsequent quarters when making their OICs. […]

An Unusual Tax Court Hobby Loss Opinion – Forbes https://bit.ly/3R5Js8E 

The Kaiser Family Foundation estimates that 5.1 million people are affected by what’s called the “family glitch” in health insurance. Normally, employees whose work-based insurance is unaffordable (more than 9.5% of household income) can qualify for premium tax credits (PTCs). However, if the coverage is unaffordable only when the employee adds family members, the individual […]

The next time you contact the IRS by phone, it’s likely that you’ll end up speaking to a voice bot. The IRS launched “authenticated” voice bots this year, and they’re now operating at 100% capacity. The bots, which are powered by artificial intelligence and currently available in English and Spanish, are an advance from previous, […]

State Tax Changes Taking Effect July 1, 2022 https://bit.ly/3yp9hbl