Storm Season is a good time to review disaster relief options

With hurricane and tropical storm season here, it’s a good time to review possible tax relief for victims. The IRS offers several types of tax relief for individuals and businesses affected by hurricanes or other federally declared disasters. For example, victims often get extensions to file tax returns and pay taxes. They may also be […]

College expense may generate a tax credit

Students will soon be heading off to college or trade school. Higher education is expensive, but taxpayers who take post-high school coursework in 2024 (or who have dependents taking such courses) may qualify for one of two tax credits that can reduce their tax bills. The Lifetime Learning Credit tops out at $2,000 per tax […]

Do you have a required minimum distribution from your IRA?

With the year more than half over, now’s the time to consider ways to lower your 2024 tax bill. If you own or are a beneficiary of an IRA and you’re at least 70½, here’s one option: Make donations of up to $100,000 to IRS-approved charities directly from your IRA (or $200,000 for a married […]

What are AUP engagements — and does your business need one?

In certain circumstances, businesses may need to hire CPAs to perform agreed-upon procedures (AUPs) instead of (or in addition to) a review or an audit. AUPs are a type of attestation engagement “in which a practitioner performs specific procedures on subject matter and reports the findings without providing an opinion or conclusion,” according to the […]

Bill to fix research credit and add Child Credit fails

A bill that would have expanded the Child Tax Credit and increased business research tax breaks failed to pass the U.S. Senate on Aug. 1, 2024. The vote was 48-44, with only three Republican senators voting in favor. The bill, which also provided tax relief to disaster victims, passed the U.S. House overwhelmingly in January. […]

Missouri Department of Revenue makes it easier to apply for Real ID

Missouri Department of Revenue makes it easier to apply for Real ID – ABC17News.com https://bit.ly/46FLdBs

Military service confers certain tax benefits

IRS will resume processing retention tax credit claims

IRS will resume processing new pandemic tax credit claims from employers – The Washington Post https://bit.ly/4cfYHFb

Another effect of COVID

COVID-19 changed a lot, including the accuracy of mortality tables used by defined benefit plans to make funding decisions. Many single-employer pension plans’ tables were affected by earlier-than-expected deaths, so the IRS has approved the use of certain substitute mortality tables. However, to prevent these from overstating COVID effects on the future mortality of a […]

Deadline approaching

If you requested an extension to file your tax return after the April 15, 2024, due date, the new deadline is coming up soon on Oct. 15. If you have the information you need, you may want to file now. There’s no advantage to waiting, and last-minute filing may lead to worry. If you’re concerned […]