Secure 2.0 Act guidance requested

The American Institute of CPAs (AICPA) has requested guidance from the IRS on several provisions of the SECURE 2.0 Act. One provision noted in an AICPA letter to the IRS involves matching contributions on student loan payments. SECURE 2.0 aims to help employees who miss out on their employers’ matching retirement contributions because their student […]

IRS reveals 2024 health savings account limits

IRS reveals 2024 health savings account limits. What to know about the ‘significant increase,’ says advisor – CNBC https://bit.ly/42TDf53

You can still collect money from your 2019 tax return

You can still collect money from your 2019 tax returns—the average refund is $893 – CNBC https://bit.ly/45frZl0

Collection Due Process hearings

Taxpayers that dispute a past-due tax bill can request a Collection Due Process (CDP) hearing, but they must follow all procedures. One married couple failed to file a 2016 federal return. The IRS used third-party reports to determine the couple had taxable income of $112,107 and a tax bill of $30,491. The couple then filed […]

Education Tax breaks

Although many college students are off for the summer, it’s a good time to consider the education tax breaks you may be able to claim on your 2023 tax return. There are many possibilities that can help offset the rising costs of higher education, including the American Opportunity Tax Credit (AOTC). The AOTC provides a […]

ERC refunds update

U.S. Senator Kirsten Gillibrand (D-NY) is asking the IRS to tackle its backlog and issue overdue Employee Retention Credit (ERC) refunds to small businesses and nonprofits. The IRS is sitting on an estimated one million unprocessed ERC claims, according to Gillibrand. She stated that employers who kept employees on the payroll through the pandemic are […]

Tax courts rules against IRS in research tax credit case

In a new court case, a married couple claimed tax credits for their S corporation’s “qualified research expenses,” but the IRS disallowed the credits and issued a notice of deficiency. The IRS asserted that the taxpayers failed the business component test under Code Sec. 41 because: 1) their construction designs weren’t “new and improved;” 2) […]

Innocent spouse relief

Spouses who file joint federal tax returns are both generally liable for the tax owed. But joint filers may be eligible for “innocent spouse” relief that shields them from liability. In one case, the wife of a real estate professional was found to have limited knowledge of her husband’s financial affairs. She lacked access to […]

National Wildfire Awareness Month

May is National Wildfire Awareness Month and it also includes National Hurricane Preparedness Week. To help individuals, businesses and organizations prepare in case they become victims of a natural disaster, the IRS has issued some helpful tips. Make extra copies of key documents, such as Social Security cards, birth certificates and deeds. Secure the originals […]

Do I need to amend my tax return filing?

Have you ever discovered an overlooked deduction on a federal tax return that has already been filed? Or did you ever realize that you didn’t report income or reported too much? An amended tax return may be the answer. Amended returns generally must be filed within three years from the date you filed the original […]