Tax season may be long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the Employee Retention Credit, assert […]
Read More Beware of scamsMore than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, […]
Read More Moving Mom or Dad into a nursing home? 5 potential tax implicationsHave you recently won playing the lottery or slot machines? Or perhaps that horse you bet on finally came in first place? If so, congrats! Now, don’t forget that Uncle Sam generally requires a cut of your earnings. Indeed, certain gambling winnings are considered taxable income. Taxpayers who have gambling winnings must report all such […]
Read More If you win, don’t forget your favorite Uncle wants a cutLet’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including […]
Read More A tax-smart way to develop and sell appreciated landIRS Commissioner Danny Werfel has just announced a change that reverses a decades-long practice by IRS revenue officers. Effective immediately, most unannounced visits to taxpayers’ homes or businesses by revenue officers will end and be replaced with mailed letters to schedule in-person meetings. Previously, unarmed revenue officers would sometimes make unannounced visits to collect unpaid […]
Read More IRS announces a major change to normal operating practicesDoes your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the Employee Retirement Income Security Act of 1974 (ERISA). Here’s some guidance to help plan administrators fulfill their fiduciary responsibilities for hiring independent qualified public accountants […]
Read More Selecting a qualified auditor for your employee benefit planBusiness 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 […]
Read More Can you claim a bad debt deduction?IRA required minimum distributions: IRS grants relief to custodians … – Wolters Kluwer https://bit.ly/3Kj7k6K
Read More IRA required minimum distributions: IRS grants relief to custodiansHow much can 401(k) participants contribute in 2023?
Read More How much can 401(k) participants contribute in 2023?Illinois sales tax holiday not returning for 2023. Here’s what to know – NBC Chicago https://bit.ly/3QaJw93
Read More Illinois sales tax holiday not returning for 2023. Here’s what to know
