The IRS’s Strategic Operating Plan

Recently, former IRS Commissioner Charles Rossotti (1997-2002) shared his opinions on the IRS’s new Strategic Operating Plan. He called the proposal for spending $80 billion allocated to the agency by the Inflation Reduction Act “outstanding.” But he cautioned that the IRS may not be spending enough on technology. Currently, the IRS intends to allocate $4.8 […]

GOP debt ceiling proposal

U.S. House Speaker Kevin McCarthy (R-CA) has revealed a Republican debt ceiling proposal. In return for raising the debt limit by $1.5 trillion, the bill would cut $4.5 trillion from the federal budget, in part by repealing tax incentives passed last year for renewable energy, electric vehicles and other technologies. It would also return discretionary […]

Does Your State Tax Recreational Marijuana?

Does Your State Tax Recreational Marijuana? https://bit.ly/41LKwDE

Indiana storm relief

The IRS has provided tax relief to victims of recent storms in Indiana. The relief is for victims of tornadoes, severe storms and straight-line winds that occurred from March 31 through April 1, 2023. You may be eligible if you live or have a business in one of these counties: Allen, Benton, Clinton, Grant, Howard, […]

Miss the filing deadline?

Did you miss the 2022 tax filing deadline? For most taxpayers, that was April 18, 2023. Taxpayers who are expecting a refund won’t be penalized for late filing. But those who owe taxes (and don’t qualify for an exception) will be charged penalties and interest for late filing and late payment. Penalties and interest apply […]

Take advantage of the rehabilitation tax credit when altering or adding to business space

If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building that’s also […]

IRS Commissioner states goals

Transparency will be a key aspect of IRS audit practices, according to recently appointed IRS Commissioner Daniel Werfel. He told the U.S. Senate Finance Committee that details of the tax agency’s plans for using the $80 billion provided by the Inflation Reduction Act will be revealed soon. He also restated Treasury Secretary Janet Yellen’s commitment […]

Effort to eliminate SALT limit introduced (again…)

The Tax Cuts and Jobs Act capped the state and local tax (SALT) deduction at $10,000 for tax years 2018 to 2025. The result has been a tax increase for many taxpayers. (Previously, there was no cap on the SALT deduction.) Efforts to eliminate the cap are gaining support from a growing number of lawmakers. […]

There’s a favorable “stepped-up basis” if you inherit property

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order. Under the fair market […]

IRS Tax season update

U.S. Treasury and IRS officials say that early efforts to deploy funds provided by the Inflation Reduction Act have led to a much smoother tax filing season this year. These efforts include expanding electronic filing tools and implementing paper return scanning. IRS Commissioner Danny Werfel reports that the agency is “fully caught up” with tax […]