Investing in the future with a 529 education plan

If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types of […]

Secretary of Treasury calls for cryptocurrency regulation

In a recent report, Treasury Secretary Janet Yellen and the Financial Stability Oversight Council called for tighter cryptocurrency regulation and oversight. Specifically, Yellen warned of risks posed by the proliferation of digital assets and urged Congress to pass legislation that addresses gaps in the financial system. Yellen said that digital assets “have grown significantly in […]

Deductible Medical Expenses

Taxpayers that itemize may be able to deduct eligible medical expenses they incurred for themselves, their spouses and dependents, subject to limits. Taxpayers bear the burden to prove the expenses, to show they were paid during the tax year and weren’t reimbursed by insurance. One corporate executive and her husband deducted medical expenses of $41,648 […]

FASB proposes last-minute changes to lease accounting rules

Accounting Standards Codification Topic 842, Leases, requires organizations to report the full magnitude of their long-term lease obligations on their balance sheets — a historic first. For private companies and nonprofits, the changes take effect this year. Public entities adopted the rules in 2019. While the Financial Accounting Standards Board (FASB) conducts its post-implementation review […]

CBO reports

Congress relies on reports from the bipartisan Congressional Budget Office (CBO) for various estimates. But some lawmakers are pressing the CBO to adhere to their required reporting deadlines involving the status of Social Security and Medicare trust funds. Congress is required to receive an analysis of the operations of these trust funds annually, by April […]

Tax relief for Florida residents and businesses

Hurricane Ian is likely to rank as one of the most destructive storms in U.S. history. The federal government has announced tax relief for all of Florida’s residents and businesses. If you’ve been affected by Hurricane Ian, visit the IRS’s dedicated webpage for details, updates and resources: https://bit.ly/3rqYnyI

Succession planning for business owners

IRS on Amending a Tax Return

Amending a Return https://bit.ly/3EGS7L5

Smishing scams

Are you watching out for “smishing” scams? The IRS says you should be because they’re becoming more common. Similar to phishing, smishing lures potential victims with texts that can appear to be from the IRS. Fake texts might offer COVID relief, tax credits or even help setting up an IRS online account. Typically, they ask […]

Another coming Budget deadline

Shutdown averted! On Sept. 30, the U.S. House of Representatives approved a short-term spending measure, the Continuing Appropriations and Ukraine Supplemental Appropriations Act by a vote of 230 to 201. President Biden signed the bill into law before the midnight deadline. The stopgap measure funds the federal government at current levels from Oct. 1 through […]