Can You Have a Health Savings Account and Medicare?

Can You Have a Health Savings Account and Medicare? – AARP https://bit.ly/3betXur

Retirement savings: three problems, one solution

Missouri’s gas tax rises again July 1, but you can get some money back. Here’s how

Missouri’s gas tax rises again July 1, but you can get some money back. Here’s how – Kansas City Star https://bit.ly/3NnjoTc

Tax Issues of a Divorce

Taxpayers going through a divorce or legal separation will see changes to their tax situations. But filing status won’t change until there’s a final decree of divorce or separate maintenance. Once a decree is issued, each party should file a new Form W-4 (Withholding Certificate) to ensure proper withholding. If there are dependent children, generally […]

FBAR penalty before the Supreme Court

The Supreme Court of the United States (SCOTUS) will take up a controversial issue affecting owners of certain foreign financial accounts. A holder of a foreign account worth more than $10,000 in the preceding year must file a “Report of Foreign Bank and Financial Accounts” (FBAR). For a non-willful failure to file, the penalty is […]

Does Your State Have an Estate or Inheritance Tax?

Does Your State Have an Estate or Inheritance Tax? https://bit.ly/3A5ThgC

IRS warns on scams

“Taxpayers should not kid themselves into believing they can hide income from the IRS,” warns IRS commissioner Chuck Rettig. That doesn’t seem to stop some people from trying, often with assistance from unethical tax preparers. So the IRS is fighting back. It plans to hire up to 200 attorneys to help combat abusive tax scams. […]

IRS uses voice bots to cut wait time

One of the ways the IRS is addressing complaints about phone call wait times is with voice bots. The agency has been using voice-activated software to help taxpayers navigate service menus and get answers to relatively simple questions since January 2022. Now, it’s expanding bot use to help callers set up and modify payment plans. […]

Your estate plan: Don’t forget about income tax planning

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted […]

The Impact of the Earned Income Tax Credit (EITC) on IRS audits

The Congressional Research Service (CRS) has issued a report (https://bit.ly/3MVTXb7 ) that examines the impact of the Earned Income Tax Credit (EITC) on IRS audits. The report was spurred by concern that the IRS is auditing low-income taxpayers, particularly taxpayers who claim the EITC, at disproportionately high rates compared with higher-income taxpayers. “These higher audit rates […]