Offer in Compromise in US Tax Court

Taxpayers who owe more taxes than they can pay may seek an Offer in Compromise with the IRS to settle the debt for less than the amount owed. In one case, a married couple offered to settle their $33,000 tax bill for $1,629. The couple argued that the IRS should accept the offer because they […]

Information Returns Intake System for 1099s

In January 2023, the IRS launched its Information Returns Intake System (IRIS), as required by 2019’s Taxpayer First Act. The web portal enables taxpayers to electronically file Forms 1099, a series of information forms used to report to the IRS everything from acquisitions of secured property to investments in life insurance contracts. Forms accepted by […]

Green energy projects tax credit

The Inflation Reduction Act amended the tax code to provide a domestic content bonus credit for owners of green energy projects placed in service after Dec. 31, 2022. It also added Sections 45Y and 48E that include the credit for investments in green energy storage technologies placed in service after Dec. 31, 2024. Domestic content […]

Achieving the right balance of working capital

Working capital — the funds your company has tied up in accounts receivable, accounts payable and inventory — is a critical performance metric. During times of rising inflation and interest rates, managers search for ways to free up cash and eliminate waste. However, determining the optimal amount of working capital can sometimes be challenging. Balancing […]

Secure 2.0 Act guidance requested

The American Institute of CPAs (AICPA) has requested guidance from the IRS on several provisions of the SECURE 2.0 Act. One provision noted in an AICPA letter to the IRS involves matching contributions on student loan payments. SECURE 2.0 aims to help employees who miss out on their employers’ matching retirement contributions because their student […]

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 […]