Tax Relief for American Familes Bill Update

In January, the House passed the Tax Relief for American Families and Workers Act. The $79 billion bipartisan bill would, among other things, temporarily expand the Child Tax Credit, restore current business tax deductions for 100% of domestic R&D expenses and extend 100% bonus depreciation. However, the bill has since stalled in the Senate. To […]

How did the Service perform in tax season?

The April 15 tax filing deadline has passed, so how did the IRS perform? Thanks to funding provided by the Inflation Reduction Act, the IRS says it expanded taxpayer service to levels not seen in more than a decade, with double-digit gains occurring in critical areas. Compared to a year ago, the IRS answered more […]

Do I need to file an amended return?

Did you submit your tax return and then realize you made a mistake? Perhaps pieces of information were forgotten. Now you may be wondering if you need to file an amended return. The IRS states that taxpayers usually don’t need to file amended returns for certain issues. The IRS will correct any math errors while […]

Keep these 3 issues in mind after you file your return

The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October 15. In either case, once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three […]

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