SCOTUS hears arguments in case against IRS

On March 29, the U.S. Supreme Court (SCOTUS) heard oral arguments in a case against the IRS. The issue is whether, to collect delinquent taxes, the IRS can seek third-party records without first notifying the taxpayers. In this case, an IRS agent feared the married taxpayers were hiding assets in banks or in their business. […]

Mississippi tax relief

The IRS has provided tax relief to victims of Mississippi state severe storms and tornadoes that occurred on March 24 and 25, 2023. Individuals and businesses in the disaster area now have until July 31, 2023, to file various tax returns and to make tax payments. Taxpayers who reside or have a business in the […]

Demystifying deferred taxes

Deferred taxes are a confusing topic — and the accounting rules for reporting these items often seem to defy the logic of real-world economics. Here’s a brief overview to help clarify matters. What are deferred taxes? Companies pay income tax on IRS-defined taxable income. On their Generally Accepted Accounting Principles (GAAP) financial statements, however, companies […]

Beware of Charity Scams

Beware of the latest disaster-related charity scams, the IRS warns. As part of their annual “Dirty Dozen” campaign, the IRS urges taxpayers to be alert for scams that arise following a major disaster. Thieves take advantage of storms, flooding, fires and other disasters to prey on the public’s desire to help victims. To appear legitimate, […]

IRS releases ‘Dirty Dozen’ tax-scam list

IRS releases ‘Dirty Dozen’ tax-scam list – The Washington Post https://wapo.st/3lQihUF

4 tax issues for new retirees

This tax move is a game changer

This tax move is a ‘game changer’ for freelancers and gig economy workers, advisor says – CNBC https://cnb.cx/3zkXFGX

Form 1099-K

Previously delayed changes to a key filing requirement have kicked in for 2023. Form 1099-K (Payment Card and Third-Party Network Transactions) is used by businesses to report certain payments they make that exceed minimum levels. Under prior rules, the threshold that triggered the filing of a 1099-K form was $20,000 in payments for goods or […]

The Superfund Excise Tax

In 2021, the Infrastructure Investment and Jobs Act reinstated and modified the lapsed Superfund excise tax for certain hazardous materials. It went into effect July 1, 2022. The IRS has issued proposed regulations for how manufacturers, producers and importers should apply these taxes to “taxable chemicals” and “taxable substances.” Taxable chemicals are contained in the […]

A Short Guide to Property Taxes

Close to Home: A Short Guide to Property Taxes https://bit.ly/3Kl567y