IRS reveals 2024 health savings account limits

IRS reveals 2024 health savings account limits. What to know about the ‘significant increase,’ says advisor – CNBC https://bit.ly/42TDf53

Can you deduct pet costs as business expenses?

You can still collect money from your 2019 tax return

You can still collect money from your 2019 tax returns—the average refund is $893 – CNBC https://bit.ly/45frZl0

Collection Due Process hearings

Taxpayers that dispute a past-due tax bill can request a Collection Due Process (CDP) hearing, but they must follow all procedures. One married couple failed to file a 2016 federal return. The IRS used third-party reports to determine the couple had taxable income of $112,107 and a tax bill of $30,491. The couple then filed […]

Education Tax breaks

Although many college students are off for the summer, it’s a good time to consider the education tax breaks you may be able to claim on your 2023 tax return. There are many possibilities that can help offset the rising costs of higher education, including the American Opportunity Tax Credit (AOTC). The AOTC provides a […]

Ranking Sales Taxes on the 2023 State Business Tax Climate Index

Ranking Sales Taxes on the 2023 State Business Tax Climate Index https://bit.ly/3pTHFdP

ERC refunds update

U.S. Senator Kirsten Gillibrand (D-NY) is asking the IRS to tackle its backlog and issue overdue Employee Retention Credit (ERC) refunds to small businesses and nonprofits. The IRS is sitting on an estimated one million unprocessed ERC claims, according to Gillibrand. She stated that employers who kept employees on the payroll through the pandemic are […]

Tax courts rules against IRS in research tax credit case

In a new court case, a married couple claimed tax credits for their S corporation’s “qualified research expenses,” but the IRS disallowed the credits and issued a notice of deficiency. The IRS asserted that the taxpayers failed the business component test under Code Sec. 41 because: 1) their construction designs weren’t “new and improved;” 2) […]

Social Security’s future: The problem and the proposals

Recent reports have raised anew concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third rail” of American politics and understandably so — the options for heading off insolvency will inevitably cause pain for significant segments of the population. Yet some in Congress […]

Innocent spouse relief

Spouses who file joint federal tax returns are both generally liable for the tax owed. But joint filers may be eligible for “innocent spouse” relief that shields them from liability. In one case, the wife of a real estate professional was found to have limited knowledge of her husband’s financial affairs. She lacked access to […]