Fuel tax credit added to IRS’s Dirty Dozen

Abuse of the Fuel Tax Credit (FTC) is on the IRS’s 2023 Dirty Dozen list of the worst tax scams, yet little is done to stop it. That’s according to audits by the Treasury Inspector General for Tax Administration (TIGTA). This credit is for the nontaxable use of certain fuels by taxpayers with a business […]

Louisiana tax relief

Tax relief has been granted to many communities this year due to hurricanes, flooding and fires, but tax relief due to seawater intrusion will sound novel to most. In Louisiana, saltwater has infiltrated municipal drinking water supplies on the coast because the Mississippi River’s water level isn’t high enough to force the seawater back. The […]

Wash Sale rule clarified

The IRS has clarified how its “wash-sale” rule affects redemptions of shares in money market funds (MMFs) that maintain fixed share prices. In general, wash sales occur when investors sell securities at a loss and, within 30 days before or after that sale, buy the same securities. Under the IRS’s wash-sale rule, such investors can’t […]

Extension deadline looms

Did you request a six-month extension to file your 2022 income tax return? The IRS is reminding those taxpayers who requested an extension that the Oct. 16 deadline to file their Forms 1040 is fast approaching. Failure to file by the extended deadline could result in a late-filing penalty. However, due to several extreme weather […]

How long till the next government shutdown deadline?

The good news is that the government has averted a shutdown with a last-minute continuing resolution funding deal this past weekend. The bad news is the funding lasts for only 45 days, so Congress will have to negotiate a new deal or there will be a shutdown then. In preparation for a possible shutdown, the […]

Supreme Court tax case could have sweeping federal policy effects

Supreme Court tax case could have sweeping federal policy effects, experts say – CNBC https://bit.ly/3rEUGJd

Education assistance programs can be used to help with student loans

Employers that offer educational assistance programs to their employees now have greater flexibility in how these programs work. Through Dec. 31, 2025, the funds can be used to help employees pay their federal student loan debts. According to the Education Data Initiative, borrowers in 2023 have average federal student loan debt of $37,338. Offering assistance […]

Tax Court case shows importance of mailing to correct IRS address

It’s critical to get the details right when mailing items to the IRS. Most taxpayers know that a tax return and payment (or other documents) must be mailed by the due date, to the correct address and with adequate postage. But in one case, a taxpayer was charged with failure to timely file his return […]

The battle between tax pros and social media

The battle between tax pros and social media: Many apps offer unreliable tax advice, experts say – CNBC https://bit.ly/3tnt0sJ

Special per diem rates announced

The IRS has just announced special per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24. The rate for incidental expenses when traveling in or outside the continental United States (CONUS) will be $5 per day. When using the high-low substantiation method, the rate for travel to high-cost localities will be […]