Strong internal controls and audits can help safeguard against data breaches

The average cost of a data breach has reached $4.88 million, up 10% from last year, according to a recent report. As businesses increasingly rely on technology, cyberattacks are becoming more sophisticated and aggressive, and risks are increasing. What can your organization do to protect its profits and assets from cyberthreats? Recent report In August […]

The refundable premium tax credit

The premium tax credit (PTC) is a refundable credit that helps eligible individuals cover their premiums for health insurance purchased through the Health Insurance Marketplace. A PTC is allowed for months that are considered “coverage months.” Proposed IRS regulations would amend the definition of a coverage month. As proposed, when computing a PTC, a month […]

Help a loved one buy a home — with a loan

IRS issues regulations on inherited property consistent-basis requirements

Eight years after issuing proposed regulations, the IRS has finalized regs on inherited property consistent-basis requirements. The Internal Revenue Code requires consistent-basis reporting between an estate and beneficiaries who acquire property from the estate. If an estate is required to file a federal estate tax return, Section 1014(f) provides that the basis reported by persons […]

Innocent Spouse Relief

Spouses filing joint federal tax returns are generally both liable for the tax owed. But they may be eligible for innocent spouse relief. In one case, a husband was the sole owner of an engineering firm. The IRS audited their joint tax returns after their divorce and found that the couple had tax deficiencies of […]

Online Sports Betting Taxes by State, 2024

Online Sports Betting Taxes by State, 2024 https://bit.ly/3zpIobz

IRS reminds taxpayers that gambling winnings are taxable

The football season has kicked off, and betting on college and NFL games is hotter than ever. Not to spoil the fun, but the IRS Criminal Investigation (IRS-CI) unit reminds taxpayers to gamble legally and report winnings on their tax returns even if they don’t receive a Form W-2G for gambling winnings. IRS-CI Chief Guy […]

Trump Tax proposal

Donald Trump, Republican presidential nominee, is promising workers he’ll eliminate tax on overtime wages if he’s elected. Overtime pay is defined as time-and-a-half paid for the time employees work over 40 hours in a single work week. Trump has also proposed to extend temporary tax cuts included in the Tax Cuts and Jobs Act (TCJA) […]

State Tax Ballot Measures to Watch in 2024 https://bit.ly/3zmTM84

Harris tax proposal

U.S. Democratic presidential nominee Kamala Harris recently announced that if elected, she’ll push for a higher tax deduction for new business costs. Currently, companies can deduct $5,000 in start-up costs, including expenses related to market research, advertising and salaries for employees who are being trained. To help encourage entrepreneurs, Harris says she’ll work to raise […]