Beer Taxes: How Does Your State Compare?

Beer Taxes: How Does Your State Compare? https://bit.ly/3RrZ48g

ABLE accounts for disabled children

If your child is disabled, consider setting up a tax-advantaged Achieving a Better Life Experience (ABLE) account. Currently, ABLE accounts allow people who became disabled before age 26 to save money without harming their eligibility to receive Medicaid or Social Security benefits. Account owners, family members and friends can contribute to an individual’s ABLE account, […]

Did you make your estimate payment?

The second quarter estimated tax payment deadline was June 17. If you missed that deadline you should make your payment as soon as possible to minimize possible penalties. If you don’t currently make estimated payments, should you? In general, individuals should make payments if they expect to have a tax liability of $1,000 or more […]

You may be entitled to tax breaks if caring for an elderly relative

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: 1. Medical expenses. If the individual qualifies […]

An Overview of the Federal Tax System for 2024

The Joint Committee on Taxation has released a report titled “Overview of the Federal Tax System as in Effect for 2024” (JCX-26-24). It breaks down the current system into four main elements: 1) an income tax on individuals, estates, trusts and corporations (which consists of both a “regular” income tax and, in certain cases, an […]

IRS payment plans

The IRS is reminding taxpayers that they have options if they can’t pay their tax bills in full. The tax agency advises these individuals to file their returns by the deadline, pay what they can and explore payment options for the balances. The IRS offers short- and long-term plans. The former is offered if the […]

Should you convert your business from a C to an S corporation?

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business may decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in […]

IRS Whistleblower Office

Taxpayers who give the IRS Whistleblower Office (WBO) information may get cash awards. To be eligible, tips must be credible, specific, relate to tax underpayments or tax law violations, and lead to collection of proceeds exceeding $2 million. One tipster submitted claims relating to seven taxpayers, alleging that each may have failed to report income […]

The IRS National Research Program

The IRS National Research Program (NRP) randomly selects tax returns for audits in order to collect information about noncompliance. To pick returns for audit, the NRP employs artificial intelligence (AI). But a recent report by the U.S. Government Accountability Office (GAO) said the process lacks transparency. One example cited is the random selection of returns […]

Surprise audits are proven to fight fraud

Four antifraud controls are associated with at least a 50% reduction in both fraud loss and duration, according to “Occupational Fraud 2024: A Report to the Nations” published by the Association of Certified Fraud Examiners (ACFE). They are financial statement audits, reporting hotlines, surprise audits and proactive data analysis. However, the ACFE study also found […]