Estimated federal budget deficit

The estimated federal budget deficit for fiscal year 2022 hit $1.4 trillion, exceeding projections from May 2022 by $341 billion. The Congressional Budget Office (CBO) recently reported that the overage reflects the Biden administration’s decision to provide student debt relief. Although student debt forgiveness was announced in August, the full multiyear costs are recorded up […]

IRA act intentions sought

Two Republican U.S. House Ways and Means Committee members are asking the U.S. Treasury Department whether it plans to use Inflation Reduction Act funds to surveil the business and personal bank accounts of Americans. President Biden proposed a bank surveillance plan in 2021, but Congressional Democrats dropped the proposal soon after. The President later modified […]

2023 State Business Tax Climate Index

2023 State Business Tax Climate Index https://bit.ly/3A3Iov9

fradulent PPP loans

Not everyone who received a Paycheck Protection Program (PPP) loan actually qualified for it. Recently, one man who prepared false loan applications for small businesses in exchange for a 30% fee was convicted of conspiring to defraud the IRS and the PPP. The man was sentenced to 10 years in prison. Unfortunately, some government workers […]

New IRS Commissioner Named

IRS Commissioner Chuck Rettig’s term ends on Nov. 12. Treasury Secretary Janet Yellen recently announced that Douglas O’Donnell has been designated the acting commissioner and will succeed Rettig. O’Donnell has been with the IRS for 36 years, serving in various roles including his current post as deputy commissioner for services and enforcement. He’ll lead the […]

Inflation means you and your employees can save more for retirement in 2023

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years due […]

Waiting on Hold?

It’s no secret that if you call the IRS, you could be waiting on hold for a long period of time. The IRS is addressing this problem by hiring 4,000 customer service representatives to answer phone calls and provide other services. The hiring surge is part of a much wider IRS improvement effort tied to […]

Tax Gap estimates released

The gross tax gap generally is defined as the difference between estimated “true” tax liability for a given period and the amount of tax that’s paid on time. The IRS recently released new tax gap estimates for tax years 2014 through 2016. The data shows that the estimated tax gap increased to $496 billion, a […]

How inflation will affect your 2022 and 2023 tax bills

The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights Standard deduction. […]

Not for Profit Election activities

Are tax-exempt organizations allowed to engage in political activities? All 501(c)(3) organizations are prohibited from direct and indirect participation in any political campaign for or against any candidate for elected public office. This includes contributing to political campaigns or making public statements favoring or opposing a candidate. Violations may result in lost tax-exempt status. Certain […]