Evaluate whether a Health Savings Account is beneficial to you

With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are four tax benefits: Contributions made to […]

Will there be a shutdown?

If Congress fails to strike a spending deal and the U.S. government shuts down on Oct. 1, 2023, hundreds of thousands of federal workers will be furloughed. Originally, the IRS said it would remain fully staffed and operate normally, no matter what happens. However, the tax agency is now working on new contingency plans, which […]

IRS pauses on processing ERC Claims

Amid urgent concerns about scams, the IRS has immediately halted acceptance of new claims for the Employee Retention Credit (ERC), at least through year end. IRS Commissioner Danny Werfel has seen a flood of reports from tax pros and others, stating that many new claims are ineligible. To reduce the chances of fraud, previously filed […]

FASB finalizes new crypto standard in record time

On September 6, the Financial Accounting Standards Board (FASB) unanimously voted to finalize new accounting rules on cryptocurrency assets — less than five months after the proposed standard was issued for public comment. Here’s what companies that hold these assets should know. Need for change The updated guidance is the first explicit accounting standard on […]

Keep good records of your cryptocurrency transactions

As the IRS begins compliance work on cryptocurrency transactions, taxpayers who participate in them should prepare their documentation for scrutiny. You need to keep good crypto activity records because you may not be able to rely on your transaction platform to provide that data. However, some platforms, such as Coinbase, send Form 1099s to customers […]

IRS issues estimate reminder

The IRS is reminding self-employed people, gig workers, retirees and others who make estimated tax payments that their third quarter deadline was Sept. 15, 2023. You should make estimated payments if you expect to owe at least $1,000, after subtracting for withholding and credits, in 2023. Use the Tax Withholding Estimator at irs.gov to accurately […]

Eligible teachers can deduct some out-of-pocket classroom expenses

Eligible teachers can deduct some out-of-pocket classroom expense

Georgia Tax relief

Following a disaster declaration issued by the Federal Emergency Management Agency, the IRS is providing victims of Hurricane Idalia in Georgia relief from upcoming tax deadlines. The relief applies to individuals and businesses in 28 Georgia counties affected by Hurricane Idalia. It postpones various filing and payment deadlines from Aug. 30, 2023, to Feb. 15, […]

IRS issues notice covering corporate alternative minimum tax

The corporate alternative minimum tax (CAMT) imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations. Generally, the CAMT applies to large corporations with average AFSI exceeding $1 billion. In Notice 2023-64, the IRS has provided guidance to help corporations determine whether they’re liable for the CAMT and, if so, […]

Is your charity legitimate?

Many taxpayers ramp up their charitable giving towards year-end, to support causes they care about and possibly secure a tax deduction. Before you give, the IRS reminds taxpayers to verify that the organizations they give to are legitimate and tax-exempt. You can use the IRS Tax Exempt Organization Search tool to find out the status […]