Innocent Spouse Relief

A married couple filing a joint tax return makes the spouses “jointly and severally” liable for the entire tax due. A joint filer may seek “innocent spouse” relief to avoid liability. In one case, an ex-wife was denied relief. She and her ex-husband managed rental properties. The tax deficiency arose from sources including unreported cancellation […]

IRS warns taxpayers they may be a scam victim

The IRS is reporting that this tax season it’s seeing an uptick of inflated refund claims centered around the Fuel Tax Credit, the Sick and Family Leave Credit, and household employment taxes. It stated that a series of tax scams and inaccurate social media advice has led to thousands of taxpayers claiming credits for which […]

Starter 401(k) plans

Starter 401(k) plans, Is it right for your business?

Does Your State Have a Throwback or Throwout Rule?

Does Your State Have a Throwback or Throwout Rule? https://bit.ly/3QYJRva

Extending expiring provisions in the TCJA would increase deficit

Most of the individual income tax provisions in the Tax Cuts and Jobs Act (TCJA) are slated to expire at the end of 2025. The estimated cost of extending expiring tax provisions, including those under the TCJA, for the next 10 years would add nearly $4.6 trillion to the federal budget deficit, according to the […]

Do you need to make estimated tax payments?

A popular way for young people to earn money is through the “gig economy.” That means they provide on-demand work, goods or services, often through an online platform. Many fully employed people also do gig work to supplement their income. The IRS wants gig workers to know that any money they earn this way is […]

Does Your State Have a Gross Receipts Tax?

This week’s tax map will consider the effects of an alternative form of corporate taxation, known as the gross receipt tax (GRT) https://bit.ly/3WRQfYH

Home Improvements may cut your tax bill

For many homeowners, warm weather means it’s time to tackle home improvement projects. By investing in certain energy-efficient updates, taxpayers can not only lower their power bills but also score some tax breaks. The Energy Efficient Home Improvement Credit equals 30% of qualified expenses (up to $3,200) incurred to improve a home after Jan. 1, […]

IRS disaster relief

Unfortunately, late spring and summer mark the natural disaster season. Most years, the number of federally declared disaster zones rises at this time. The good news is that eligible residents and businesses can receive tax relief, including extended filing deadlines. In the past two months, the IRS has announced relief for severe storm victims in […]

IRS extends relief for inherited IRAs

For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. But the IRS also indicated in Notice 2024-35 that forthcoming final regulations for the rule will apply for the purposes of determining […]