Legislation introduced on AOTC

A bipartisan group of lawmakers have reintroduced legislation that allows individuals with felony drug convictions the right to claim the American Opportunity Tax Credit (AOTC). Under current law, students with such drug convictions are permanently barred from claiming the AOTC for higher education. The Eliminating Discrimination and Creating Corridors to Expand Student Success (ED ACCESS) […]

Checking Employee Retention Credit Claims Before the IRS Does

Checking Employee Retention Credit Claims Before the IRS Does – Bloomberg Tax https://bit.ly/3gOVRk9

Illinois disaster relief granted

The IRS is providing disaster tax relief to victims of severe storms and flooding in St. Clair County, Illinois, between July 25, 2022 and July 28, 2022. Affected taxpayers also include those who were there as part of official relief efforts or visiting the area and were killed or injured by the disaster. The IRS […]

Whirlpool’s appeal request goes down the drain

The U.S. Supreme Court has refused a request by appliance manufacturer, Whirlpool to review a long-standing case. At issue is the treatment of Whirlpool’s 2009 earnings from its Luxembourg controlled foreign corporation, and whether branch rules applied to the income or U.S. Treasury regulations that taxpayers have relied upon for decades. In a tax blog, […]

State officials in talks about how to prevent personal property tax spikes

State officials in talks about how to prevent personal property tax spikes – KSDK.com https://bit.ly/3UmP3b1

Innocent Spouse Relief Case in the Courts

Spouses who file joint federal tax returns are both generally liable for the tax owed. But joint filers may seek “innocent spouse” relief. In one case, a man received innocent spouse relief regarding taxable proceeds that his ex-wife received in settlement of an employment discrimination lawsuit. Although he had knowledge of the settlement proceeds, he […]

Security Summit

The Security Summit, a partnership between the IRS, state tax agencies and tax professionals, is warning taxpayers to “take extra steps” to protect their financial and tax information from increasingly sophisticated fraud schemes. The group is pursuing several initiatives during its National Tax Security Awareness Week (Nov. 28 to Dec. 2, 2022). For example, it’s […]

Is your business closing? Here are your final tax responsibilities

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If you’ve decided to close your business, we’re here to assist you in any way we can, including taking care of the various tax obligations that […]

Secure Act 2.0 update

Although the proposed law dubbed the “Secure Act 2.0” generally has bipartisan support in Congress, it may not be passed before the end of the current lame duck session. The retirement security package doesn’t seem to be a top priority now compared with keeping the government funded and averting a shutdown. Lawmakers must decide by […]

Is a QCD right for you?

If you’re age 70½ or older and have an IRA, qualified charitable distributions (QCDs) are an option for making tax-free gifts to charity of up to $100,000. Moreover, if you’re at least age 72, QCDs count toward your required minimum distribution for the year. Note that if you wish to make a QCD for 2022, […]