Small Business Jobs Act

The U.S. House Ways and Means Committee has approved a bill that aims to cut IRS red tape for small businesses. If passed, a provision of the Small Business Jobs Act would raise the reporting threshold for IRS Form 1099-NEC from $600 to $5,000. This could eliminate headaches and extra costs by fixing an IRS […]

Gain Exclusion on sale of personal residence

Summer is a time when many people move. If that includes selling your home, you may qualify to exclude some or all gain you might have from the sale when you file your taxes. To claim the exclusion, you must meet ownership and use tests. That means during the five-year period ending on the date […]

Proposal for an enhanced Child Tax credit in the US Senate

An enhanced version of the Child Tax Credit (CTC) that was available for 2021 may be dead, but it’s not forgotten. A group of U.S. Senate Democrats have proposed the Working Families Tax Relief Act, which would reintroduce an enhanced $3,000 CTC for children aged 6 to 17 ($3,600 for children aged 0 to 5) […]

The Advanced Manufacturing Investment Credit

New IRS guidance addresses elective payment provisions of the Advanced Manufacturing Investment Credit (AMIC). Created as part of the CHIPs Act, the AMIC is available to certain U.S. manufacturers of semiconductors and semiconductor manufacturing equipment. The guidance discusses how taxpayers that earn certain clean energy credits and meet other eligibility requirements can choose to make […]

Qualified Educators may deduct $300 of unreimbursed expenses

For many students, the school year is winding down and summer vacations are beginning. Teachers often use this time to add up the expenses they incurred over the previous year. To help offset some of these costs, qualified educators may deduct up to $300 of unreimbursed expenses on their 2023 tax returns. Qualified expenses include […]

Bill introduced to change estimated tax installment due dates

A bipartisan bill was recently introduced in the U.S. House of Representatives that would move estimated tax deadlines to a quarterly basis. The Tax Deadline Simplification Act would establish that estimated tax installments for individuals, businesses, estates and trusts are due 15 days after the end of each quarter. The revised deadlines would be the […]

Tax Court rules in favor and abates penalties

The U.S. Tax Court ruled in favor of an elderly attorney, whose failure to meet tax obligations was found to be due to reasonable cause, not willful neglect. After a long record of diligence, the attorney suffered severe health issues, forcing him to rely on his assistant to manage office duties. He was unaware that […]

SCOTUS denies petition to review involving dispensary

The U.S. Supreme Court announced that it has denied a petition for review filed in a case involving a Colorado marijuana dispensary. In a long legal battle, the U.S. Appeals Court for the 10th Circuit ruled against the dispensary earlier this year, stating that an IRS summons seeking information about the business was properly granted. […]

IRS addresses whether paid student-athletes serve a tax exempt purpose

Two years ago, the National Collegiate Athletic Association adopted the interim name, image, and likeness (NIL) Policy. It enables student-athletes to personally be compensated for their sports ability and fame. In a new legal Advice Memorandum (2023-004), the IRS addressed whether developing NIL opportunities for college student-athletes serves a tax-exempt purpose. NIL “collectives” have been […]

Don’t Fall for Employee Retention Credit Scams

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