Tax relief has been granted to many communities this year due to hurricanes, flooding and fires, but tax relief due to seawater intrusion will sound novel to most. In Louisiana, saltwater has infiltrated municipal drinking water supplies on the coast because the Mississippi River’s water level isn’t high enough to force the seawater back. The […]
Read More Louisiana tax reliefThe IRS has clarified how its “wash-sale” rule affects redemptions of shares in money market funds (MMFs) that maintain fixed share prices. In general, wash sales occur when investors sell securities at a loss and, within 30 days before or after that sale, buy the same securities. Under the IRS’s wash-sale rule, such investors can’t […]
Read More Wash Sale rule clarifiedOn August 30, 2023, the Financial Accounting Standards Board (FASB) unanimously voted to finalize its proposed improvements to the disclosure rules for income taxes. Here’s what’s changing and when those changes are effective. Rate reconciliation Under the updated guidance, companies will be required to provide a breakout of amounts paid for taxes between federal, state, and […]
Read More FASB approves updated rules for disclosing income taxesWhy some employees don’t take time off
Read More Why some employees don’t take time offDid you request a six-month extension to file your 2022 income tax return? The IRS is reminding those taxpayers who requested an extension that the Oct. 16 deadline to file their Forms 1040 is fast approaching. Failure to file by the extended deadline could result in a late-filing penalty. However, due to several extreme weather […]
Read More Extension deadline loomsThe good news is that the government has averted a shutdown with a last-minute continuing resolution funding deal this past weekend. The bad news is the funding lasts for only 45 days, so Congress will have to negotiate a new deal or there will be a shutdown then. In preparation for a possible shutdown, the […]
Read More How long till the next government shutdown deadline?Supreme Court tax case could have sweeping federal policy effects, experts say – CNBC https://bit.ly/3rEUGJd
Read More Supreme Court tax case could have sweeping federal policy effectsEmployers that offer educational assistance programs to their employees now have greater flexibility in how these programs work. Through Dec. 31, 2025, the funds can be used to help employees pay their federal student loan debts. According to the Education Data Initiative, borrowers in 2023 have average federal student loan debt of $37,338. Offering assistance […]
Read More Education assistance programs can be used to help with student loansIt’s critical to get the details right when mailing items to the IRS. Most taxpayers know that a tax return and payment (or other documents) must be mailed by the due date, to the correct address and with adequate postage. But in one case, a taxpayer was charged with failure to timely file his return […]
Read More Tax Court case shows importance of mailing to correct IRS addressThe battle between tax pros and social media: Many apps offer unreliable tax advice, experts say – CNBC https://bit.ly/3tnt0sJ
Read More The battle between tax pros and social media
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