Federal budget deficit

The federal budget deficit may be in for a rollercoaster ride if the Congressional Budget Office’s (CBO’s) budget forecast is correct. The CBO said the deficit is expected to shrink to $1 trillion this year, down from $2.8 trillion in 2021, then climb sharply in the coming years. The annual shortfall is forecasted to average […]

Personal residence sale exclusion

It’s nearly summer, a time when many people sell their homes. That’s why the IRS has issued a few reminders. Home sellers may qualify to exclude from income all or part of any gain from the sale of their main home on their tax return. To enjoy the full exclusion, taxpayers must meet the ownership […]

The ins and outs of Series EE savings bond taxation

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to a file cabinet or safe deposit box. One of the main reasons for buying U.S. savings bonds (such as Series EE bonds) is the fact […]

Leave-Based donations

Are you an employer interested in allowing a leave-based donation plan to benefit “victims of the further invasion of Ukraine”? As described in IRS Notice 2022-28, employees who participate in such a plan can receive favorable tax treatment. That is, payments made as part of an employer leave-based donation program before Jan. 1, 2023, won’t […]

Offer in Compromise

What happens if taxpayers can’t pay the taxes the IRS says they owe? An “offer in compromise” (OIC) may allow them to settle their tax debts for less than full liability. It can be difficult to get an OIC accepted, but individuals are eligible to apply if they’ve filed all required tax returns, made required […]

How inflation could affect your financial statements

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services […]

Crypto-Asset reporting proposal

Earlier this year, the Organization for Economic Co-operation and Development (OECD) released a public consultation document proposing amendments to its crypto-asset reporting regime. The document outlines due diligence procedures and describes the assets involved and the reporting nexus. But crypto and banking industry leaders are pushing back. They disagree with how the new framework defines […]

An Exclusive Preview of the New World War I Memorial

On Memorial Day we take an Exclusive Preview of the New World War I Memorial https://bit.ly/3a73fUg

Happy Memorial Day

To the brave men and women we have lost: You are forever in our hearts and minds. Your service and sacrifice will never be forgotten. We remember…. Have a happy Memorial Day, and take a moment to reflect and thank the soldiers who gave their lives. We are free because they were brave.

IRS backlog – cause and effect

The Treasury Inspector General for Tax Administration (TIGTA) has issued an audit that evaluates whether the IRS timely and accurately processed individual paper and e-filed tax returns during the 2022 filing season. As of March 4, 2022, the IRS received 54.7 million tax returns and issued $129.2 billion in refunds. The audit found that “significant […]