What’s ahead for Social Security?

What could be ahead for Social Security (SS)? SS Trustees and the bipartisan Congressional Budget Office now estimate that the retirement trust fund will be exhausted within 10 years, a year earlier than previously predicted. Due to rising interest rates and the highest inflation since 1981, SS recipients needed cost-of-living increases of 8.7%, which consumes […]

Am I a partnership?

Spouses who operate a business together must understand the federal tax rules involved. A spouse is considered an employee if there’s an employer/employee arrangement. For example, if one spouse controls the business and the other spouse is under his or her direction, the second spouse is subject to tax and FICA withholding. However, if the […]

Beware of the gray areas in accounting

Accounting and auditing standards have come under scrutiny in the wake of recent high-profile bank failures. Investigations are currently underway about what went wrong with Silicon Valley Bank and Signature Bank. But it’s likely that some “gray areas” in the accounting rules were exploited to make these organizations appear more economically secure in their year-end […]

Collection Financial Standards Revised

IRS Collection Financial Standards are revised annually and used to determine how much income delinquent taxpayers are allowed to keep to pay their bills (with the rest going to settle their tax debts). Allowable living expenses include those that meet the “necessary expense test.” This test is defined as expenses that are necessary to provide […]

Upcoming Due Dates

While Tax Day (April 18, 2023) has come and gone, the IRS is continuing to remind taxpayers of upcoming filing deadlines. For example, for calendar-year tax-exempt organizations, 2022 returns are due May 15. Exempt organizations filing Form 990, 990-EZ, 990-PF or 990-T and private foundations filing Form 4720 for calendar year 2022 must file their […]

Employment Tax Audits coming

The IRS has earmarked part of the funding provided by the Inflation Reduction Act for greater enforcement, including employment tax. Consequently, a former senior litigation counsel at the U.S. Dept. of Justice, Rob Kovacev, stressed that businesses should begin planning for the increased possibility of an audit. He reasoned that the urgency for audit preparation […]

Valuing goodwill in divorce

Still Have These on Your Missouri Car? – Get Ready to Pay a Fine.

Still Have These on Your Missouri Car? – Get Ready to Pay a Fine – KHMO News-Talk-Sports https://bit.ly/3LvFoO5

2019 year closes on July 17

Are you due for a refund from the 2019 tax year? You must submit a 2019 tax return by July 17, 2023, to receive your refund. According to the IRS, almost $1.5 billion in refunds may be waiting for nearly 1.5 million taxpayers who didn’t file for 2019. Note: if you are due a 2019 […]

Employee or Independent Contractor?

Confusion continues to surround the topic of worker classification. As the Dept. of Labor (DOL) prepares to issue a final rule, Congress held hearings to allow for discussion and comments. One former DOL official, Tammy D. McCutchen, called for the development of “a single, clear and simple” rule for classifying workers. In her testimony she […]