Is a tax increase coming?

Will federal taxes rise for taxpayers after next year? That’s a common question, as some provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire after 2025. U.S. Treasury Secretary Janet Yellen said recently that President Biden supports a budget proposal extending certain TCJA provisions, and that he opposes raising the taxes […]

Maximize the QBI deduction before it’s gone

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver. Deduction basics The QBI deduction is written off […]

Discussion on potential renters’ tax credit

A recent American Bar Association (ABA) conference discussed a potential tenant-based renters’ tax credit (RTC), which could be claimed on federal income tax returns if it was enacted into law. It was suggested that an RTC could be refundable, similar to the Child Tax Credit, to benefit low-income individuals. Another proposal was to make an […]

Cash payment reporting is now a required electronic filing

The IRS is reminding businesses that if they intend to file 10 or more information returns reporting cash payments over $10,000 in a single transaction, they must file Form 8300 electronically, instead of filing the forms on paper. To e-file, your business must first set up an account with the Financial Crimes Enforcement Network’s BSA […]

Spotlight on auditor independence

Auditor independence is the cornerstone of the accounting profession. Auditors’ commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC), and the International Auditing and Assurance Standards Board (IAASB) ensures stakeholders can trust that audited financial statements present an accurate picture of the […]

IRS Commissioner comments on increased audits of high income taxpayers

In recent comments, IRS Commissioner Danny Werfel explained that the agency doesn’t make sweeping assumptions that any taxpayer making more than $400,000 is automatically assumed to be a tax cheat and should expect an audit. Instead, Werfel stressed that the IRS is using funding provided by the Inflation Reduction Act to better leverage data to […]

Treasury chief Yellen defends Biden budget against Republican senators’ fears of tax increases

Treasury chief Yellen defends Biden budget against Republican senators’ fears of tax increases – CNBC https://bit.ly/4at06bd

FIRE: If you’re burning to retire early

Jay Ashcroft proposes slashing state budget to eliminate Missouri income tax

Jay Ashcroft proposes slashing state budget to eliminate Missouri income tax • Missouri Independent – Missouri Independent https://bit.ly/3TLydWg

Tax Fraud

While most taxpayers strive to file honest tax returns, a few try to outsmart the IRS. One man was charged by the IRS with filing false returns for a fictitious company, listing himself as the sole owner. He obtained an employer tax ID number and claimed that the business paid him significant wages, but he […]