When can I deduct a casualty loss?

You can generally deduct casualty losses related to your home, household items and vehicles if the loss is caused by a federally declared disaster. Deductions are subject to limits and must be unreimbursed. Taxpayers must show the change in the property’s value before and after the damage. One married couple claimed a nearly $740,000 casualty […]

The tax rules for donating artwork to charity

If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic rules Your deduction for a charitable contribution of art is subject to be reduced if the charity’s use of it […]

IRS warns on abusive tax arrangements

Continuing its annual “Dirty Dozen” campaign, the IRS warns taxpayers of “potentially abusive” tax arrangements. In these scams, legitimate tax planning tools such as Charitable Remainder Annuity Trusts (CRATs) and monetized installment sales are misused by shady promoters who misapply the rules and leave taxpayers vulnerable. CRATs must correctly report all transactions and file all […]

Arkansas Storm tax relief

Tax relief has been granted to victims of recent severe storms and tornadoes in Arkansas. Following a disaster declaration by the Federal Emergency Management Agency, the IRS announced that residents and businesses in Cross, Lonoke and Pulaski counties are eligible for extensions. They have until July 31, 2023, to file tax returns and make tax […]

How to get more from your company’s income statement

What do you do with your financial statements after your CPA delivers them? If you’re like most business owners and managers, you breathe a sigh of relief that they’re finished, file them away and go back to running the business. But financial statements can be a useful tool to help improve business operations in the […]

IRS guidance issued to address energy tax credits

What’s an “energy community”? Recent IRS guidance addresses the topic as it relates to certain tax credits made possible by the Inflation Reduction Act (IRA). The IRA specifies three categories of energy communities: brownfield sites, coal communities and certain statistical areas identified based on tax revenues and unemployment rates. Those sites that meet the requirements […]

Happy Easter

Jesus said to her, “I am the resurrection and the life. The one who believes in me will live, even though they die; and whoever lives by believing in me will never die. Do you believe this?” -John 11:25-26 Wishing you a happy and blessed Easter. He is risen! …

New IRS reporting on gig work

You can’t hide side hustles from the IRS anymore – here’s what taxpayers need to know about reporting online payments for gig work – The Conversation Indonesia https://bit.ly/3zFFk7B

IRS Commissioner to release strategic plan

The wait is almost over: New IRS Commissioner Danny Werfel has promised to release a strategic operating plan this week for the nearly $80 billion allocated to the IRS by the Inflation Reduction Act. At his swearing-in ceremony, Werfel previewed several plan items he expects will improve customer service and return processing, reduce errors and […]

How will the IRS contact you?

If the IRS needs to initiate an in-person contact with you, it generally follows a three-step process. The agency typically makes first contact using regular mail delivered by the U.S. Postal Service. The IRS will mail multiple letters, for example, to remind a taxpayer of an overdue tax bill or an unfiled tax return. If […]