Some retirement savers can still get a ‘special tax credit,’ IRS says — but most don’t claim it

Some retirement savers can still get a ‘special tax credit,’ IRS says — but most don’t claim it – CNBC https://bit.ly/4apuSCb

More of the IRS Dirty Dozen list revealed

On day two of the IRS “Dirty Dozen” list of worst scams, the IRS is again warning of scams involving the Employee Retention Tax Credit (ERTC). The refundable credit was intended to keep workers employed during COVID-19. But bad actors saw opportunities to mislead businesses about eligibility, using aggressive marketing tactics. That led to a […]

These States Are Using Their Budget Surpluses to Give Tax Breaks to Residents

These States Are Using Their Budget Surpluses to Give Tax Breaks to Residents https://bit.ly/3vQgfbP

US Tax Court rules taxpayers are liable for civil fraud penalties

Two partners operated several car-for-hire businesses through numerous C corporations. According to the IRS, one of the partners didn’t report constructive dividends from the businesses on his joint tax returns. The IRS audited the married taxpayers after the husband pleaded guilty to healthcare fraud in connection with the businesses. The tax agency found the couple […]

President Biden’s proposed budget highlights his tax agenda

President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of Representatives remains controlled by the Republican Party, they might gain new life depending on the outcome […]

IRS releases guidance on Solar and Wind investment credits

The IRS has issued guidance for owners of certain solar or wind facilities built in connection with low-income communities. The Inflation Reduction Act provides for an increase in the energy investment credit for solar and wind facilities that apply for, and receive, an allocation of environmental justice solar and wind “capacity limitation.” Revenue Procedure 2024-19 […]

How renting out a vacation property will affect your taxes

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The tax treatment depends on how many days […]

IRS reports on CARES Act related fraud

It’s been just over four years since the enactment of the CARES Act. While the COVID-19-related law helped millions of individuals and businesses through the economic fallout due to the pandemic, it also attracted a great deal of tax fraud. The IRS’s Criminal Investigation (CI) division said that it investigated 1,644 tax and money laundering […]

Bartering is a taxable transaction even if no cash is exchanged

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade — but the internet has made it easier to engage in with other businesses. However, if your business begins […]

The IRS issues its annual “Dirty Dozen” list of scams

The IRS annually issues its “Dirty Dozen” list of scams that put taxpayers and businesses at risk of losing money and personal data. The tax agency begins this year’s list with a warning about evolving phishing and smishing schemes. Phishing occurs when a fraudster emails victims offering phony tax refunds or threatening them with false […]