Need a home downpayment?

If you need cash quickly, you may be considering a withdrawal from your traditional IRA. However, if you’re under age 59½, the IRS defines that as an “early withdrawal,” which is generally subject to a 10% penalty tax. Several exceptions exist. One exception allows you to take a penalty-free withdrawal for the purchase of an […]

When partners pay expenses related to the business

It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in service partnerships may incur entertainment expenses in developing new client relationships. They may also incur expenses for: transportation to get to […]

the IRS Ghost Employer Project

“Ghost employers” issue Forms W-2 to their employees but don’t submit those forms to the Social Security Administration, file employment tax forms or make federal tax deposits. To help reduce the tax gap associated with this scheme, the IRS has called in ghost busters, according to the Treasury Inspector General for Tax Administration (TIGTA). Recently, […]

IRS is opening an Alternative Dispute Resolution Program Management Office

A 2023 report issued by the U.S. Government Accountability Office (GAO) discovered a 65% reduction in the use of the IRS’s alternative dispute resolution (ADR) process. At the time, the GAO recommended that the IRS create a more robust program, collect more data and provide a neutral contact person for taxpayers and advisors. Now the […]

4 cost-cutting areas to help your business boost profits

Many businesses focus on selling more products and services to boost profitability. But sales volume alone doesn’t necessarily raise profits. In fact, pushing more sales through a bloated expense structure can result in lower net profits. That’s why it’s important to look at the other side of the ledger — expenses — as you aim […]

Secure 2.0 Act’s special distribution rules

The SECURE 2.0 Act provides special rules for distributions from retirement plans and for retirement plan loans when taxpayers are affected by federally declared disasters. The IRS has released a fact sheet with frequently asked questions (FAQs) about how the rules work. Prior to the enactment of SECURE 2.0 in 2022, no disaster relief regarding […]

Real ID license deadline in May 2025 means you’ll need new card to fly

Real ID license deadline in May 2025 means you’ll need new card to fly – USA TODAY https://bit.ly/3K78v92

Why have your business valued?

Here are some options to reduce taxes on your savings interest this year

Here are some options to reduce taxes on your savings interest this year – CNBC https://bit.ly/3QOwgqf

IRS issues update on Operating Plan

In April 2023, the IRS published its Strategic Operating Plan that set initial short- and long-term goals for what it hoped to accomplish with the funding provided by the Inflation Reduction Act. A little over a year later, the tax agency has issued its first annual progress report. In the report, the IRS touted its […]