Three options for your 401(k) when you change jobs
Three options for your 401(k) when you change jobs
Read More Three options for your 401(k) when you change jobsThe Short Form: Do People Really Move Because of Taxes?
The Short Form: Do People Really Move Because of Taxes? https://bit.ly/49ej45C
Read More The Short Form: Do People Really Move Because of Taxes?Beware of Charity Scams
Around the world, natural disasters and violent conflicts with civilian victims continue to happen, and generous donors are eager to help. But before you donate to a disaster-related charity, check it out, the IRS warns. Unfortunately, criminals respond to our desire to help by posing as legitimate charities to solicit donations. When that happens, the […]
Read More Beware of Charity ScamsHow to give without using gift tax exemption
Have you already maxed out your 2023 gift tax exemption by making cash gifts of $17,000 ($34,000, married couples) to family members? There still may be a tax-advantaged way to support loved ones this year. If you make tuition payments directly to an educational institution or qualified medical payments directly to a medical care provider […]
Read More How to give without using gift tax exemptionIRS offers a withdrawal option to businesses that claimed ERTCs
Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but complex, pandemic-related credit — and the potential consequences of an invalid claim. In response, the IRS has rolled out a new process that certain employers can use to […]
Read More IRS offers a withdrawal option to businesses that claimed ERTCsForeign companies with US subsidiaries receive IRS scrutiny
Large foreign companies with U.S. subsidiaries, take note: The IRS is looking your way. On Oct. 19, IRS Commissioner Daniel Werfel announced that the tax agency would be sending compliance alerts to about 150 U.S. subsidiaries of foreign corporations the IRS believes don’t pay “their fair share of tax on the profit they earn on […]
Read More Foreign companies with US subsidiaries receive IRS scrutinyIRS collection activity in the news
One outcome of the Inflation Reduction Act is the collection of unpaid taxes owed by certain high-income individuals. In Sept. 2023, the IRS announced that it had begun contacting 1,600 taxpayers that collectively owe hundreds of millions of dollars in recognized taxes. Already, $122 million have been collected. Among the individuals, one was ordered to […]
Read More IRS collection activity in the news2024 State Business Tax Climate Index
2024 State Business Tax Climate Index https://bit.ly/471s8J5
Read More 2024 State Business Tax Climate IndexCOVID fraud
The rapid distribution of COVID-19 relief funds was a perfect storm for fraud, according to a Government Accountability Office (GAO) report. Most of the nearly $5 trillion in emergency relief spending “went to the intended recipients,” the report stated, but large amounts were siphoned off by fraudsters. A major factor contributing to the fraud was […]
Read More COVID fraudIRS can use bank deposit analysis to determine income
If the IRS suspects a taxpayer isn’t reporting all income, it may conduct a “bank deposits analysis” to compare deposits with what was reported on a tax return. In one case, the IRS found that a taxpayer had unreported income after conducting a bank deposits analysis. When notified of the unreported income by the IRS, […]
Read More IRS can use bank deposit analysis to determine income
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