Disaster declarations give more time to pay

The IRS is sending follow-up mailings to taxpayers in several states affected by natural disasters to let them know that they have additional time to pay their taxes. Specifically, the new notices will be sent to residents in designated disaster areas in AL, AR, CA, FL, GA, IN, MS and TN who received CP14 notices […]

File and Forget?

Do you file and forget? In other words, do you put taxes out of your mind as soon as you file your tax return? You shouldn’t. The IRS has published some action steps to take throughout the year that may affect the tax you owe or the refund you may receive next year. Begin by […]

Happy 4th of July!

“America was built on courage, on imagination and an unbeatable determination to do the job at hand.” -Harry S. Truman Wishing you a happy and safe 4th of July!

TIGTA completes audit of Child Tax Credit

The Treasury Inspector General for Tax Administration (TIGTA) has completed another audit of IRS processes for the 2021 advance Child Tax Credit (CTC). The American Rescue Plan Act enabled eligible taxpayers to receive up to one half of their estimated 2021 CTC in advance monthly payments for part of the year. As a result, the […]

SCOTUS agrees to hear case on Tax Cuts and Jobs Act

The U.S. Supreme Court has agreed to hear a constitutional challenge to a tax established by the Tax Cuts and Jobs Act. The taxpayers, a married couple, owned shares in a controlled foreign corporation (CFC). This made them subject to the mandatory repatriation tax (MRT), which says that owners of 10% or more shares of […]

How High Are Beer Taxes in Your State?

How High Are Beer Taxes in Your State? https://bit.ly/3NB2wdO

State Tax Changes Taking Effect July 1, 2023

State Tax Changes Taking Effect July 1, 2023 https://bit.ly/3NWg6tV

Understanding Backup withholding requirements

Businesses need to be aware of the rules for backup withholding, if required. Backup withholding, currently 24%, applies to income not typically subject to withholding. If your business makes certain payments to people who haven’t provided you with their legal names and taxpayer ID numbers (TINs), or if the IRS notifies you that a payee’s […]

Tax Treaty with Chile goes to the President’s desk

In a nearly unanimous vote, a tax treaty between the United States and Chile passed the U.S. Senate on June 22, 2023. Supporters say this could boost investment between the two countries by greatly reducing certain taxes. U.S. citizens and residents who pay taxes to Chile will be able to claim a tax credit on […]

How Would the American Families and Jobs Act Change Opportunity Zones?

How Would the American Families and Jobs Act Change Opportunity Zones? https://bit.ly/3NzTC03