Supreme Court tax case could have sweeping federal policy effects

Supreme Court tax case could have sweeping federal policy effects, experts say – CNBC https://bit.ly/3rEUGJd

Education assistance programs can be used to help with student loans

Employers 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 […]

Tax Court case shows importance of mailing to correct IRS address

It’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 […]

The battle between tax pros and social media

The battle between tax pros and social media: Many apps offer unreliable tax advice, experts say – CNBC https://bit.ly/3tnt0sJ

Special per diem rates announced

The IRS has just announced special per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24. The rate for incidental expenses when traveling in or outside the continental United States (CONUS) will be $5 per day. When using the high-low substantiation method, the rate for travel to high-cost localities will be […]

Disaster Tax relief announced for Massachesetts and Maine

Portions of Massachusetts and Maine have been declared federal disaster areas following the landfall of Hurricane Lee on Sept. 15, 2023. Residents and businesses in the affected counties may qualify for tax relief. The IRS has extended most filing deadlines falling on or after Sept. 15, 2023, and before Feb. 15, 2024, to Feb. 15, […]

What are the tax implications of winning money or valuable prizes?

If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. Winning at gambling For tax purposes, it doesn’t matter if you win at the casino, a bingo hall or elsewhere. You must report 100% of your […]

IRS expands use of chatbot AI

The IRS is expanding its use of chatbot technology. The agency has used chatbot features since early 2022 to help more than 13 million taxpayers avoid wait times by resolving their tax issues, including setting up roughly $151 million in payment agreements. The IRS will now employ a chatbot technology to help answer basic questions […]

Can I deduct my equipment purchase?

Taxpayers who purchase assets for business use may be eligible to deduct the full cost in the year of purchase, subject to Section 179 limits. A taxpayer must prove the asset’s cost, where and when it was purchased, and the percentage of business use. Only the percentage of cost that applies to business use may […]

2023 Q4 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: […]