Can you claim a bad debt deduction?

Business taxpayers may be able to claim a bad debt deduction if they meet the criteria. There must be an established good-faith intention to create a debtor-creditor status and an enforceable obligation to pay a set sum. One real estate developer claimed a bad debt deduction for money that he’d advanced to related entities. He […]

IRA required minimum distributions: IRS grants relief to custodians

IRA required minimum distributions: IRS grants relief to custodians … – Wolters Kluwer https://bit.ly/3Kj7k6K

How much can 401(k) participants contribute in 2023?

Illinois sales tax holiday not returning for 2023. Here’s what to know

Illinois sales tax holiday not returning for 2023. Here’s what to know – NBC Chicago https://bit.ly/3QaJw93

Proposed Bill provides tax relief for disaster victims

A bill in Congress would lift limits on tax relief for disaster victims. The Casualty Loss Deduction Restoration Act has support from both parties in the U.S. House and Senate, plus the accounting profession. If passed, it would repeal a temporary provision of the Tax Cuts and Jobs Act. Reps. Dan Crenshaw (R-TX) and Joe […]

Does Your State Have a Sales Tax Holiday?

Does Your State Have a Sales Tax Holiday? https://bit.ly/3q6DDPE

Tax return on extension?

Did you request an extension to file your tax return after the standard April 18, 2023, deadline? If so, you now have until Oct. 16 to prepare and file it with the IRS. Don’t wait until the last minute! As soon as possible, gather your records for the 2022 tax year and make an appointment […]

Tax change for high-income earners’ 401(k) catch-up savings hits

Tax change for high-income earners’ 401(k) catch-up savings hits … – USA TODAY https://bit.ly/3YaZiTk

US Tax Court rules on IRS method to determine unreported income

If the IRS suspects a taxpayer isn’t reporting all income, it may conduct a “bank deposits analysis” to compare deposits with what the taxpayer reported on a tax return. In one case, the IRS conducted an analysis of a married couple’s business because they hadn’t reported all income and hadn’t maintained proper records. The couple […]

Corporate officers or shareholders: How should you treat expenses paid personally?

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you […]