Sales Tax Rates in Major Cities, Midyear 2024

Sales Tax Rates in Major Cities, Midyear 2024 https://bit.ly/3MeoqDB

Offer in Compromise reversed

Certain taxpayers who can’t pay their full tax liability may seek an Offer in Compromise (OIC) with the IRS. An OIC is an agreement that settles the debt for less than owed if the taxpayers can demonstrate verifiable financial hardship. In one case, a couple was granted an OIC to resolve their disputed tax liabilities. […]

IRS grants extra time for disaster victims

Hurricane Debby has left extensive property destruction and disruption to the lives in its path. Fortunately, those affected by the storm in five separate states have now received federal tax relief. Residents and businesses in all of South Carolina and Vermont, 61 counties in Florida, 55 counties in Georgia and 66 counties in North Carolina […]

IRS is still hiring

With some of the funding made available from the Inflation Reduction Act, the IRS is hiring certain positions. Specifically, it’s looking for generalist accountants to help investigate and collect tax from wealthy people who don’t file or who file but don’t pay what they owe. IRS Deputy Commissioner Douglas O’Donnell recently stated that the agency […]

Tax Free Tips?

While campaigning for president, both former President Donald Trump and Vice President Kamala Harris say they will eliminate taxes on tips if elected. Trump, who made the campaign promise first, hasn’t released details about his plan, but he did suggest that it would eliminate federal income tax and payroll tax, including Social Security. Harris said […]

Digital Asset sales now reported on Form 1099-DA

In late June, the IRS issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. The regs require brokers to report certain sales that take place beginning in calendar year 2025. This will be done on Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The IRS has now issued […]

Educational Assistance Programs

Employers seeking to attract new recruits and retain talent should consider offering educational assistance programs to their employees. The plans aren’t new, but they temporarily offer greater flexibility in how they work. Through Dec. 31, 2025, the funds can be used to help employees pay their federal student loan debts. According to the U.S. Dept. […]

Do I qualify for the Dependent Care Credit?

If you incur daycare expenses for children or other dependents, you may qualify for a tax credit. The Child and Dependent Care Credit is available for expenses that allow you or your spouse to work or actively seek work. If eligible, you may be able to claim up to 35% of your expenses. The credit […]

Exceptions to the IRA Early Withdrawal Penalty

If you withdraw money from a traditional IRA before age 59½, you’ll generally owe income tax plus a 10% penalty on the amount. But there are exceptions, including if you withdraw the money to cover certain higher education costs or to buy a home (first-time homebuyer expenses up to $10,000). You can usually make penalty-free […]

BOI reporting due January 1, 2025

Many small U.S. business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. With this deadline fast approaching, FinCEN is increasing its educational efforts with events around the country where it explains who must report and how to do so. Instituted by the […]