Year-end tax strategies may affect how much retirees pay for Medicare

Year-end tax strategies may affect how much retirees pay for Medicare. Here’s what to know – CNBC https://bit.ly/3tv6lef

Tax Court rules on corporaton’s rewards program

The Tax Court refused to “reward” a corporation when it failed to include customer rewards program revenue in its gross income. The IRS had determined that the taxpayer’s method of accounting was improper because it didn’t treat the program’s operating fund revenue as taxable. The corporation argued it could exclude the revenue because its use […]

IRS Tax Exempt and Government Entities Unit releases 2024 Program Letter

Compliance that’s “holistic, smarter, broader and stronger” is the hoped-for result of the IRS Tax Exempt and Government Entities (TE/GE) unit’s plan for Fiscal Year (FY) 2024. In its recently released FY 2024 Program Letter, TE/GE stressed that its priorities are aligned with those of the IRS’s FY 2023-2031 Strategic Operating Plan. That plan contains […]

Does Your State Have an Estate or Inheritance Tax?

Does Your State Have an Estate or Inheritance Tax? https://bit.ly/45qwdW6

TIGTA raises concerns on IRS tax liens

After the completion of an audit, the Treasury Inspector General for Tax Administration (TIGTA) is raising concerns that the IRS isn’t properly notifying taxpayers regarding tax liens. TIGTA’s annual audit reviewed IRS compliance with Notice of Federal Tax Lien (NFTL) filing and Collection Due Process (CDP) procedures. The audit examined a statistically valid sample of […]

Congress asks questions on IRS handling of ERTC

Members of Congress have questions for the IRS and Treasury Dept. on overall tax fairness and on the Employee Retention Tax Credit (ERTC). Regarding the former, Democratic senators sent a letter to Treasury Secretary Janet Yellen and IRS Commissioner Danny Werfel urging the IRS to “use its rulemaking authority to close tax loopholes that create […]

Casualty loss tax deductions may help disaster victims in certain cases

This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there […]

Cooperation is key forCollection Due Process hearings

Taxpayers that owe more taxes than they can currently pay can request a Collection Due Process (CDP) hearing, but cooperation with the IRS is key. One taxpayer timely filed a return but didn’t include income that was reported to the IRS by third parties. The IRS sent a notice of deficiency by certified mail to […]

Fuel tax credit added to IRS’s Dirty Dozen

Abuse of the Fuel Tax Credit (FTC) is on the IRS’s 2023 Dirty Dozen list of the worst tax scams, yet little is done to stop it. That’s according to audits by the Treasury Inspector General for Tax Administration (TIGTA). This credit is for the nontaxable use of certain fuels by taxpayers with a business […]

What types of expenses can’t be written off by your business?

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general […]