TFA makes changes to whistleblower program

The Taxpayer First Act (TFA), enacted in 2019, provides for increased communication between whistleblowers and the IRS. It also establishes legal protection against employer retaliation when whistleblowers report tax abuse to the IRS. The Treasury Inspector General for Tax Administration (TIGTA) recently conducted an audit to determine the effectiveness of the IRS’s Whistleblower Program. TIGTA […]

Why auditors care about your business’s cybersecurity

Small Business Jobs Act

The U.S. House Ways and Means Committee has approved a bill that aims to cut IRS red tape for small businesses. If passed, a provision of the Small Business Jobs Act would raise the reporting threshold for IRS Form 1099-NEC from $600 to $5,000. This could eliminate headaches and extra costs by fixing an IRS […]

Gain Exclusion on sale of personal residence

Summer is a time when many people move. If that includes selling your home, you may qualify to exclude some or all gain you might have from the sale when you file your taxes. To claim the exclusion, you must meet ownership and use tests. That means during the five-year period ending on the date […]

Advantages and disadvantages of claiming big first-year real estate depreciation deductions

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section […]

Proposal for an enhanced Child Tax credit in the US Senate

An enhanced version of the Child Tax Credit (CTC) that was available for 2021 may be dead, but it’s not forgotten. A group of U.S. Senate Democrats have proposed the Working Families Tax Relief Act, which would reintroduce an enhanced $3,000 CTC for children aged 6 to 17 ($3,600 for children aged 0 to 5) […]

The Advanced Manufacturing Investment Credit

New IRS guidance addresses elective payment provisions of the Advanced Manufacturing Investment Credit (AMIC). Created as part of the CHIPs Act, the AMIC is available to certain U.S. manufacturers of semiconductors and semiconductor manufacturing equipment. The guidance discusses how taxpayers that earn certain clean energy credits and meet other eligibility requirements can choose to make […]

When can seniors deduct Medicare premiums on their tax returns?

If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an advantage: You may qualify for a tax break for paying […]

Qualified Educators may deduct $300 of unreimbursed expenses

For many students, the school year is winding down and summer vacations are beginning. Teachers often use this time to add up the expenses they incurred over the previous year. To help offset some of these costs, qualified educators may deduct up to $300 of unreimbursed expenses on their 2023 tax returns. Qualified expenses include […]

Bill introduced to change estimated tax installment due dates

A bipartisan bill was recently introduced in the U.S. House of Representatives that would move estimated tax deadlines to a quarterly basis. The Tax Deadline Simplification Act would establish that estimated tax installments for individuals, businesses, estates and trusts are due 15 days after the end of each quarter. The revised deadlines would be the […]