IRA RMD Due Soon for those that turned 72 last year

Did you or someone you know turn 72 in 2022? For most of these taxpayers, April 1, 2023, is the last day to begin receiving required minimum distribution (RMD) payments from traditional IRAs, 401(k)s and similar retirement plans. This deadline is for those who haven’t already taken their first RMDs. Normally, RMDs must be taken […]

New IRS Commissioner Confirmed

On March 9, 2023, Daniel Werfel was confirmed as the IRS’s new commissioner. He can expect scrutiny from the Republican-controlled House Ways and Means Committee, which recently established an IRS watchdog office and a direct line for IRS whistleblowers. But Werfel was confirmed by a bipartisan vote that included six Republican senators. Still, Republicans have […]

The 2024 Budget proposal contains tax increases

President Biden has released his 2024 proposed budget, and it includes about $5 trillion in tax increases on the wealthy and corporations to help offset the deficit and shore up Medicare. The top 0.01% would pay a minimum 25% tax and the top marginal rate would rise from 37% to 39.6% for taxpayers with annual […]

Can you claim the Credit for Other Dependents?

Do you have a dependent who doesn’t qualify for the Child Tax Credit? If so, you may be able to claim the Credit for Other Dependents, even if you also claim the Child and Dependent Care Credit and the Earned Income Credit. A maximum credit of $500 can be claimed per dependent of any age […]

Due Date Approaching

April 18th is the deadline to file your 2022 tax return and pay any tax due. If you can’t file on time, you can request a six-month extension to file. However, any tax owed is generally still due by April 18th to avoid interest and penalties. If you owe taxes and don’t seek an extension […]

IRS Warns Of Employee Retention Credit Claim Fraud

IRS Warns Of Employee Retention Credit Claim Fraud – Forbes https://bit.ly/3T0E5cd

Which States Get the Biggest Tax Refund?

Which States Get the Biggest Tax Refund? – CNET https://cnet.co/3T6RuzC

IRS issues warning on Employee Retention Credit

The IRS has issued a warning to businesses to be on alert for Employee Retention Credit (ERC) mills. These scammers dangle the prospect of a large tax refund by claiming the ERC, often charging a large up-front fee based on the amount of the refund. They omit the fact that wage deductions claimed on a […]

Action brewing to address Housing Crisis

Supporters of affordable housing are urging the Senate Finance Committee to advance tax policy that addresses the current housing crisis. According to the National Association of Realtors, the share of sales going to first-time homebuyers fell last year to the lowest level on record. Several committee members appeared on board with the need for legislative […]

IRS alerts taxpayers of another scam

Among the many scams taxpayers should be aware of this filing season is one involving Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. Some filers have been falsely encouraged to claim the credits based on employee (not self-employment) income. These credits aren’t even available for 2022. In a similar scheme, […]