Foreign Income exclusion

Eligible U.S. citizens and residents living abroad are allowed to exclude from income a portion of their housing expenses paid by employers. The IRS recently announced that for 2024, foreign-based taxpayers who receive income from an employer can exclude or deduct a maximum $37,950. This allowance helps protect expatriates from double taxation when they pay […]

Scam Alert

Charitably inclined individuals should be aware of groups that are masquerading as charitable organizations to attract donations. The fraudsters use fake charities as cover to not only obtain money, but also gather sensitive personal and financial information that can be exploited for tax-related identity fraud. When taxpayers contribute to an organization, they may qualify for […]

IRS issues guidance on energy rebates

The IRS has issued guidance that addresses the tax treatment of rebates received for purchasing energy efficient property and improvements. Generally, individuals who receive the rebates aren’t required to include their value as income on their federal tax returns. However, they must reduce the basis of the property by the amount of the rebate when […]

Update on retirement account required minimum distributions

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules. Specifically, you’ll have to: 1) […]

New Parent?

Did you or someone you know become a parent this year? If so, you should know that parents have special tax situations and benefits that may lower their tax bills and increase potential refunds. To claim parental tax breaks, your child must have a Taxpayer Identification Number (such as a Social Security number) to confirm […]

2024 Q2 tax calendar: Key deadlines for businesses and employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing […]

Offer in Compromise mills

As part of its annual “Dirty Dozen” list of tax scams, the IRS renewed warnings about Offer in Compromise (OIC) mills. They’re run by unscrupulous companies that falsely claim they can resolve tax debts for pennies on the dollar without even knowing the details. IRS Commissioner Danny Werfel explained these mills charge steep fees by […]

Auditing WIP today

External auditors spend a lot of time during fieldwork evaluating how businesses report work in progress (WIP) inventory. Here’s why this warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. Valuing WIP Companies may report various categories of inventory on their balance sheets, depending on the nature of their operations. For companies […]

Estimated tax payments due

If you make estimated tax payments, be aware that April 15 isn’t just the 2023 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2024. Estimated tax payments are generally made by self-employed people, retirees, investors, businesses and others that don’t have taxes withheld from their income. The payments are […]

90% of qualifying electric-vehicle buyers opt for $7,500 ‘new clean vehicle’ tax credit as upfront payment

90% of qualifying electric-vehicle buyers opt for $7,500 ‘new clean vehicle’ tax credit as upfront payment, Treasury says – CNBC https://bit.ly/3vSPXpw