Conservation easement deductions

Donating a conservation easement can provide taxpayers with a legitimate charitable deduction, so long as the donation meets certain requirements. But beware of bad actors promoting conservation easements with deductions that exceed the amount invested in the property. Typically, you’re allowed to claim a charitable contribution deduction for the fair market value of a conservation […]

Scrupulous records and legitimate business expenses are the key to less painful IRS audits

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in […]

Did you report your digital asset income?

Taxpayers must report all digital asset-related income on their federal income tax returns. Digital assets include non-fungible tokens (NFTs), stablecoins, cryptocurrency and other forms of virtual currency. Such assets are taxed as property. If you have digital holdings (or had them at any time during the tax year), you must answer “yes” to the question […]

ESG audits: Navigating new frontiers in corporate responsibility

Reporting on environmental, social and governance (ESG) matters is an increasingly crucial area of corporate compliance. While ESG reporting and disclosure apply primarily to public companies, there are efforts aimed at requiring private companies to also report on these matters. For example, the European Union’s Corporate Sustainability Reporting Directive requires private organizations that meet specific […]

Tax Scam Alert!

Wealthy individuals can be tempting targets for dishonest promoters pushing a variety of aggressive strategies designed to reduce taxes. The IRS is warning that these schemes can take different forms, including inflated art donation deductions, aggressive charitable remainder annuity trusts and detailed tax shelters that purport to delay paying gains on property. For example, one […]

Missouri House narrowly sends private-school tax credit, charter expansion to governor’s desk

Missouri House narrowly sends private-school tax credit, charter expansion to governor’s desk • Missouri Independent – Missouri Independent https://bit.ly/448FaEb

What to do when your term life insurance policy ends

Corporate Stock repurchases

The Inflation Reduction Act imposed an excise tax on corporate stock repurchases. The excise tax is equal to 1% of the aggregate fair market value (FMV) of stock repurchased by certain corporations during the taxable year. It applies to repurchases made after Dec. 31, 2022. The IRS has issued proposed regulations that would, among other […]

The IRS dirty dozen

Social media is a path many bad actors use to lure honest taxpayers with misinformation, the IRS warns. Some promoters of bad tax advice are seeking “clicks,” but others have criminal motives. Taxpayers who knowingly file fraudulent tax returns could face civil and criminal penalties, according to the IRS. That’s why the agency added a […]

Do I get a dependent tax credit?

Did you know that dependents who don’t meet criteria for the child tax credit may qualify for a $500 nonrefundable “other dependents” credit? You typically can claim it for dependents of any age, including college students, parents that you support financially and unrelated people who live with you. They must be U.S. citizens, nationals or […]