Beware of scams

Tax season may be long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the Employee Retention Credit, assert […]

If you win, don’t forget your favorite Uncle wants a cut

Have you recently won playing the lottery or slot machines? Or perhaps that horse you bet on finally came in first place? If so, congrats! Now, don’t forget that Uncle Sam generally requires a cut of your earnings. Indeed, certain gambling winnings are considered taxable income. Taxpayers who have gambling winnings must report all such […]

IRS announces a major change to normal operating practices

IRS Commissioner Danny Werfel has just announced a change that reverses a decades-long practice by IRS revenue officers. Effective immediately, most unannounced visits to taxpayers’ homes or businesses by revenue officers will end and be replaced with mailed letters to schedule in-person meetings. Previously, unarmed revenue officers would sometimes make unannounced visits to collect unpaid […]

Can you claim a bad debt deduction?

Business taxpayers may be able to claim a bad debt deduction if they meet the criteria. There must be an established good-faith intention to create a debtor-creditor status and an enforceable obligation to pay a set sum. One real estate developer claimed a bad debt deduction for money that he’d advanced to related entities. He […]

IRA required minimum distributions: IRS grants relief to custodians

IRA required minimum distributions: IRS grants relief to custodians … – Wolters Kluwer https://bit.ly/3Kj7k6K

Illinois sales tax holiday not returning for 2023. Here’s what to know

Illinois sales tax holiday not returning for 2023. Here’s what to know – NBC Chicago https://bit.ly/3QaJw93

Proposed Bill provides tax relief for disaster victims

A bill in Congress would lift limits on tax relief for disaster victims. The Casualty Loss Deduction Restoration Act has support from both parties in the U.S. House and Senate, plus the accounting profession. If passed, it would repeal a temporary provision of the Tax Cuts and Jobs Act. Reps. Dan Crenshaw (R-TX) and Joe […]

Does Your State Have a Sales Tax Holiday?

Does Your State Have a Sales Tax Holiday? https://bit.ly/3q6DDPE

Tax return on extension?

Did you request an extension to file your tax return after the standard April 18, 2023, deadline? If so, you now have until Oct. 16 to prepare and file it with the IRS. Don’t wait until the last minute! As soon as possible, gather your records for the 2022 tax year and make an appointment […]

Tax change for high-income earners’ 401(k) catch-up savings hits

Tax change for high-income earners’ 401(k) catch-up savings hits … – USA TODAY https://bit.ly/3YaZiTk