No tax for that Olympic Gold medal

With the 2024 Paris Olympics over, most of the winning athletes aren’t worrying about taxes. Thanks to a law passed in 2016, Olympic athletes generally don’t have to pay federal taxes on the value of the medals or the amount of any U.S. Olympic & Paralympic Committee (USOPC) prize money they win. The law exempts […]

EVs without tax credits?

Would Americans buy electric vehicles (EVs) even if EV tax credits weren’t available to offset the cost? That’s the question the U.S. Senate Budget Committee recently considered. Although demand for EVs is growing, U.S. automakers lag behind Chinese manufacturers, which receive subsidies from their government. Some witnesses testifying before the committee stressed the need for […]

Privacy is in the IRS taxpayer Bill of Rights

The IRS is reminding Americans that the right to privacy is included in its Taxpayer Bill of Rights. This means that any investigation will be “no more intrusive than necessary.” For example, the IRS states on its website that if it doesn’t suspect you’re hiding income, it generally won’t ask questions about your spending and […]

A Coke and a frown?

In a U.S. Tax Court case, The Coca-Cola Company agreed to pay the IRS approximately $6 billion in taxes and interest. However, the beverage company announced it will appeal the decision to the 11th Circuit. “Coca-Cola strongly believes the IRS and the Tax Court misinterpreted and misapplied the applicable regulations involved in the case and […]

Storm Season is a good time to review disaster relief options

With hurricane and tropical storm season here, it’s a good time to review possible tax relief for victims. The IRS offers several types of tax relief for individuals and businesses affected by hurricanes or other federally declared disasters. For example, victims often get extensions to file tax returns and pay taxes. They may also be […]

College expense may generate a tax credit

Students will soon be heading off to college or trade school. Higher education is expensive, but taxpayers who take post-high school coursework in 2024 (or who have dependents taking such courses) may qualify for one of two tax credits that can reduce their tax bills. The Lifetime Learning Credit tops out at $2,000 per tax […]

Do you have a required minimum distribution from your IRA?

With the year more than half over, now’s the time to consider ways to lower your 2024 tax bill. If you own or are a beneficiary of an IRA and you’re at least 70½, here’s one option: Make donations of up to $100,000 to IRS-approved charities directly from your IRA (or $200,000 for a married […]

Bill to fix research credit and add Child Credit fails

A bill that would have expanded the Child Tax Credit and increased business research tax breaks failed to pass the U.S. Senate on Aug. 1, 2024. The vote was 48-44, with only three Republican senators voting in favor. The bill, which also provided tax relief to disaster victims, passed the U.S. House overwhelmingly in January. […]

Missouri Department of Revenue makes it easier to apply for Real ID

Missouri Department of Revenue makes it easier to apply for Real ID – ABC17News.com https://bit.ly/46FLdBs

IRS will resume processing retention tax credit claims

IRS will resume processing new pandemic tax credit claims from employers – The Washington Post https://bit.ly/4cfYHFb