A little known fact about wrongful incarceration

Here’s a little-known tax fact: Wrongfully incarcerated individuals aren’t required to include in federal taxable income civil damages, restitution or other monetary awards related to their wrongful incarceration. Taxpayers qualify if they’ve been convicted of a covered offense and meet one of the following: 1) They’ve been pardoned, granted clemency or granted amnesty; 2) their […]

Corporate Tax Rates around the World, 2023

Corporate Tax Rates around the World, 2023 https://bit.ly/46Xv6Of

SCOTUS hears case with far-reaching tax implications

The U.S. Supreme Court is hearing arguments in a case that could have far-reaching tax law implications for certain individuals. At issue in Moore v. U.S., is whether the Mandatory Repatriation Act (MRA), which was enacted as part of the Tax Cuts and Jobs Act and is intended to tax foreign profits of some U.S. […]

TIGTA audit on IRS telephone service released

During the hectic part of tax season last March, the Treasury Inspector General for Tax Administration (TIGTA) conducted an audit of the IRS’s telephone lines. TIGTA was assessing whether taxpayers were afforded simple, fast and accessible service. According to TIGTA, the IRS generally met U.S. Treasury Secretary Janet Yellen’s expectations for the 2023 filing season […]

4 ideas that may help reduce your 2023 tax bill

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if […]

Work on second phase of OECD is slow

Work on implementing the second “pillar” of the Organization for Economic Co-operation and Development’s Global Anti-Base Erosion Rules is progressing. However, the process is frustratingly slow, according to a U.S. Treasury Dept. official. The second pillar imposes a 15% global minimum corporate tax. Treasury Deputy Assistant Secretary (International Tax Affairs) Michael Plowgian said he’s “perplexed” […]

Is that expense ordinary and necessary?

Business owners can generally deduct the ordinary and necessary costs incurred in the course of business, if they can substantiate them. One married couple deducted marketing fees paid by their S corp to a C corp owned by the husband. But the deduction was denied by the U.S. Tax Court when a review showed that […]

A company car is a valuable perk but don’t forget about taxes

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees driving the cars. (And of course, they enjoy the nontax benefit of using a company […]

IRS urges businesses to guard against cyberattacks

With the beginning of the tax season coming up early next year, the IRS urges businesses to guard against cyberattacks. Scam artists are ramping up efforts to steal private data. The information they seek includes credit card details, business identity and employee data, which they may use to file fraudulent tax returns. One frequent method […]

IRS continues to warn taxpayers on scams

Many Americans have already heard that they should be wary of potentially fraudulent emails claiming to be from the IRS. However, such phishing scams can be sophisticated and difficult to spot. Here’s one scheme you can easily identify and reject. The IRS is warning about emails that purport to come from the Taxpayer Advocacy Panel […]