FinCEN Renews and Expands Real Estate Targets

The Financial Crimes Enforcement Network (FinCEN) combats domestic and international money laundering, terrorist financing and other crimes. It’s renewing and expanding its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the persons behind shell companies used in all-cash purchases of residential real estate. Specifically, FinCEN is expanding the coverage of the […]

Adopting a child? Bring home a tax break too

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents can claim a credit against their federal tax for up to $14,890 of “qualified adoption expenses” for each eligible child. This will increase to $15,950 in 2023. That’s a dollar-for-dollar reduction of tax. Also, parents may be able […]

Adopting a child? Bring home a tax break too

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption expenses” for each child. This will increase to $15,950 in 2023. That’s a dollar-for-dollar reduction of tax. Also, adoptive parents […]

IRS will now allow 403(b) retirement plans to use determination letter program

The IRS is expanding its determination letter program that approves certain retirement plans. Under Revenue Procedure 2022-40, 403(b) retirement plans can now use the same individually designed retirement plan determination letter program that’s currently being used by other qualified retirement plans, such as 401(k) plans. 403(b) retirement plans generally are used by public schools, churches […]

Advisory Committee on Racial Equity

The U.S. Treasury Dept. recently formed a 25-member racial equity advisory committee. Among its goals are to “advance racial equity in the economy and address acute disparities for communities of color,” according to a statement. “Our current tax structures keep resources where they are and perpetuate the under-resourcing of certain communities,” one committee member said. […]

IRS Criminal Investigation annual report

IRS Criminal Investigation (IRS-CI) conducted many successful enforcement actions in fiscal 2022. In one case, a married couple carried out a billion-dollar fraud scheme through a solar energy firm. With fake financial and engineering reports, the couple duped investors out of money that was used to fund their lavish lifestyle. Among other endeavors, the couple […]

the IRS independent Office of Appeals

CPAs often are frustrated when working with the IRS Independent Office of Appeals on their clients’ behalf. On Nov. 2, committee members from the American Institute of Certified Public Accountants met with the IRS to discuss their issues. The CPAs said there’s often a “disconnect” between Appeals Officers (AOs) and their decision-making superiors. Issue coordinators […]

Reap the benefits of QuickBooks software solutions

Bookkeeping is essential to running a business. QuickBooks® is one of the most popular software programs for this purpose because it offers numerous features that other programs may not have. Functionality In addition to being affordable, QuickBooks® has many features to help small and midsized businesses optimize operations and pursue growth opportunities. This includes customized […]

An update on the IRS Criminal Investigation unit

IRS Criminal Investigation’s (IRS-CI’s) special agents spend close to 70% of their time investigating crimes such as tax evasion and tax fraud and the rest investigating money laundering and drug trafficking. These facts and more are documented in the just-released IRS-CI 2022 Annual Report. In fiscal year 2022, IRS-CI agents identified more than $31 billion […]

Charitable donation of art in the courts

To receive a charitable tax deduction for the donation of art, a donor must properly substantiate the deduction. This is done with either a qualified appraisal or completion of Form 8283, Noncash Charitable Contributions. One donor donated a sculpture for which he claimed a $600,000 charitable tax deduction. The IRS disallowed the deduction because the […]