Ways and Means Committee studies expiring tax provisions

Republican members of the U.S. House of Representatives’ Ways and Means Committee have formed several “tax teams” to study the expiring tax-related provisions of the Tax Cuts and Jobs Act (TCJA). Many of these provisions are scheduled to expire on Jan. 1, 2026. Specifically, 10 tax teams have been established to focus on: American manufacturing, […]

IRS issues guidance on tax treatment of energy efficiency rebates

The Inflation Reduction Act (IRA) established and expanded numerous incentives to encourage taxpayers to increase their use of renewable energy and adoption of a range of energy efficient improvements. In particular, the law includes funding for nearly $9 billion in home energy rebates. While the rebates aren’t yet available, many states are expected to launch their programs […]

IRS highlighted numerous resources during Small Business Week

During National Small Business Week (April 28 – May 4), the IRS highlighted numerous resources available to help small business owners and entrepreneurs learn and understand their tax responsibilities. Indeed, there are several tax-related issues to consider. For example, one of the first steps when starting a small business is acquiring an employer identification number […]

Selling your home?

Summer will be here in just a few weeks, and that’s a time when many people move. If moving includes selling your home, at tax filing time you may qualify to exclude some or all gain from the sale. To claim the exclusion, you must meet ownership and use tests: During the five-year period ending […]

The pros and cons of turning your home into a rental

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487 and $1,847, respectively, according to the latest Zumper National Rent Report. In some parts of the country, rents are much higher or lower than the […]

You can appeal an OIC rejection

Taxpayers who can’t pay the full tax they owe may request an offer in compromise (OIC) from the IRS. That’s a way to settle your tax debt for less than is owed. The IRS states that it generally approves an OIC from an eligible taxpayer if it’s reasonable. But suppose your OIC is rejected. If […]

Seniors are more likely to be harmed by theft loss

A report recently published by the U.S. Senate Special Committee on Aging argues that those most at risk of being victimized by fraud, seniors, are also likely to be harmed by provisions contained in the Tax Cuts and Jobs Act (TCJA). The TCJA modified the traditional casualty and theft loss deduction so that only losses […]

Don’t have a tax-favored retirement plan? Set one up now

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. If you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of self-employment earnings, with a maximum contribution of $69,000 for 2024 (up from $66,000 for 2023). If you’re employed by your own […]

Don’t have a tax-favored retirement plan? Set one up now

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for […]

Owe Tax?

If you owe tax and don’t pay the IRS on time and in full, you could face a penalty on the unpaid tax. Penalties may also be assessed if you fail to file an accurate and on-time income tax return or information return, or if you make an erroneous claim for a credit or refund. […]