US Tax Court rules against taxpayer

To limit tax trouble, follow the rules. One taxpayer was the sole shareholder of a limited liability company (LLC) when the IRS assessed a harsh penalty for the LLC’s unpaid tax. She sought a refund, claiming that the penalty was assessed outside the statute of limitations. The IRS noted that the statute of limitations hadn’t […]

climate disclosure rules for public companies finalized

The SEC has voted 3 to 2 to finalize its climate disclosure rules for public companies. When the SEC released proposed rules two years ago, legal challenges followed and went as far as the U.S. Supreme Court, which ultimately questioned the agency’s authority. So the SEC has dropped the Scope 3 greenhouse gas emission disclosure […]

Hearing leads to comments to extend tax provisions

In a hearing on manufacturing and tax law, U.S. Senate Finance Committee Chair Ron Wyden (D-OR) urged his colleagues in the Senate to pass the Tax Relief for American Families and Workers Act. The bill includes enhancements to the Child Tax Credit (CTC), which would be retroactive to 2023. It also contains provisions to restore […]

Senate Democrats seek to maneuver tax deal to the floor

Senate Democrats seek to maneuver tax deal to the floor – Roll Call https://bit.ly/49REMfq

Biden’s ‘billionaire tax’ takes aim at the super-rich — but can a wealth tax work in reality?

Biden’s ‘billionaire tax’ takes aim at the super-rich — but can a wealth tax work in reality? – CNBC https://bit.ly/4addjVi

Greenbook estimates budget would increase tax revenue

The U.S. Dept. of the Treasury has issued its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, also called the “Greenbook.” It provides an analysis of the revenue proposals included in President Biden’s budget. In a nutshell, the Greenbook estimates that the budget would increase tax revenue by $4.951 trillion over the next […]

2025 Budget released

President Biden has released his fiscal year 2025 budget. The tax-related proposals aim to make wealthy individuals and corporations “pay their fair share” of taxes, according to a White House statement. Biden highlighted many of the proposals in his State of the Union speech. In the budget, Biden targets the tax avoidance of large, U.S. […]

Summary of the Latest Federal Income Tax Data, 2024 Update

Summary of the Latest Federal Income Tax Data, 2024 Update https://bit.ly/3TjnSiL

Need time to pay your taxes?

If an individual can’t pay a tax bill in full by the April 15, 2024, due date, there are ways to ease the burden. The taxpayer may be able to enter into a written agreement with the IRS to pay the tax in installments. Plans include a short-term installment agreement of up to 120 days […]

Is disability income taxable?

Is disability income taxable? Generally, income you receive for disability through an employer-paid accident or health insurance plan must be included on your tax return. An exclusion exists if the payments are for personal injury or sickness. One married couple received disability income from the husband’s retirement plan and were sent a Form 1099-R for […]