How did the Service perform in tax season?

The April 15 tax filing deadline has passed, so how did the IRS perform? Thanks to funding provided by the Inflation Reduction Act, the IRS says it expanded taxpayer service to levels not seen in more than a decade, with double-digit gains occurring in critical areas. Compared to a year ago, the IRS answered more […]

Do I need to file an amended return?

Did you submit your tax return and then realize you made a mistake? Perhaps pieces of information were forgotten. Now you may be wondering if you need to file an amended return. The IRS states that taxpayers usually don’t need to file amended returns for certain issues. The IRS will correct any math errors while […]

Conservation easement deductions

Donating a conservation easement can provide taxpayers with a legitimate charitable deduction, so long as the donation meets certain requirements. But beware of bad actors promoting conservation easements with deductions that exceed the amount invested in the property. Typically, you’re allowed to claim a charitable contribution deduction for the fair market value of a conservation […]

Did you report your digital asset income?

Taxpayers must report all digital asset-related income on their federal income tax returns. Digital assets include non-fungible tokens (NFTs), stablecoins, cryptocurrency and other forms of virtual currency. Such assets are taxed as property. If you have digital holdings (or had them at any time during the tax year), you must answer “yes” to the question […]

Tax Scam Alert!

Wealthy individuals can be tempting targets for dishonest promoters pushing a variety of aggressive strategies designed to reduce taxes. The IRS is warning that these schemes can take different forms, including inflated art donation deductions, aggressive charitable remainder annuity trusts and detailed tax shelters that purport to delay paying gains on property. For example, one […]

Missouri House narrowly sends private-school tax credit, charter expansion to governor’s desk

Missouri House narrowly sends private-school tax credit, charter expansion to governor’s desk • Missouri Independent – Missouri Independent https://bit.ly/448FaEb

Corporate Stock repurchases

The Inflation Reduction Act imposed an excise tax on corporate stock repurchases. The excise tax is equal to 1% of the aggregate fair market value (FMV) of stock repurchased by certain corporations during the taxable year. It applies to repurchases made after Dec. 31, 2022. The IRS has issued proposed regulations that would, among other […]

The IRS dirty dozen

Social media is a path many bad actors use to lure honest taxpayers with misinformation, the IRS warns. Some promoters of bad tax advice are seeking “clicks,” but others have criminal motives. Taxpayers who knowingly file fraudulent tax returns could face civil and criminal penalties, according to the IRS. That’s why the agency added a […]

Do I get a dependent tax credit?

Did you know that dependents who don’t meet criteria for the child tax credit may qualify for a $500 nonrefundable “other dependents” credit? You typically can claim it for dependents of any age, including college students, parents that you support financially and unrelated people who live with you. They must be U.S. citizens, nationals or […]

Foreign Income exclusion

Eligible U.S. citizens and residents living abroad are allowed to exclude from income a portion of their housing expenses paid by employers. The IRS recently announced that for 2024, foreign-based taxpayers who receive income from an employer can exclude or deduct a maximum $37,950. This allowance helps protect expatriates from double taxation when they pay […]