Alabama and Georgia granted tax relief

Victims of recent storms in parts of Alabama and Georgia have been granted tax relief, the IRS announced. Relief is available to those who live or have a business in the disaster area, giving them until May 15, 2023, to file various individual and business tax returns and make tax payments. Also extended are the […]

Your 2023 Guide To Entertainment And Meal Deductions

Your 2023 Guide To Entertainment And Meal Deductions – Forbes https://bit.ly/3j1LaeZ

2022 holiday sales defied predictions of retail gloom

What to know before filing your 2022 tax return in Illinois, Missouri

What to know before filing your 2022 tax return in Illinois, Missouri – KSDK.com https://bit.ly/3WyZ0mP

Income exclusion rules

An employee may be able to exclude from income the value of lodging provided by an employer if certain conditions are met. The lodging must be “furnished on the business premises” and be “for the convenience of the employer.” Plus, the employee must be required to accept the lodging as a condition of employment. In […]

IRS improvements planned for 2023 filing season

The IRS plans to add to its digital capabilities and flesh out its tax assistance services this filing season, according to Ken Corbin, commissioner of the tax agency’s Wage and Investment Division. Corbin recently explained how this filing season will be noticeably different than from years past. He said that the IRS is expanding online […]

New IRA Lets You Take IRA Withdrawals Later

New IRA Lets You Take IRA Withdrawals Later – AARP https://bit.ly/3kJtJA8

Burden of proof for deductions

Business owners can generally deduct the ordinary and necessary costs to conduct business. However, the burden to prove the deductions are legitimate is on the taxpayer. In one case, a married couple wholly owned a software development S corporation. The U.S. Tax Court disallowed many deductions they claimed over multiple years. The couple provided a […]

GAO recommends changes to reporting on top IRS reported tax scams

Can you spot an abusive tax scheme? The IRS is currently aware of over 40 types of tax schemes marketed by promoters. These schemes help taxpayers illegally dodge the taxes they owe, causing the “tax gap” to widen. According to a report by the Government Accountability Office (GAO), the IRS needs to make it easier […]

State Corporate Income Tax Rates and Brackets for 2023

State Corporate Income Tax Rates and Brackets for 2023 https://bit.ly/3D9tyo8