COVID tax credits still available

Attention small business owners! Did you know that you may still be able to claim COVID-19 tax credits that were available to certain employers during the pandemic? Indeed, while the dates to claim COVID-19 credits have passed, it’s still possible for a small employer that previously filed Form 944 to file Form 944-X “Adjusted Employer’s […]

Eligibility for Tax Credits

The IRS’s first Chief Taxpayer Experience Officer, Ken Corbin, recently wrote an article highlighting what’s new and what to consider when filing your 2022 tax return. Among other things, Corbin states that filing a 2022 tax return, even when not required, could give you access to certain tax credits available only when filing a return. […]

A push to change the SALT deduction limit

A bipartisan coalition in the U.S. House of Representatives has renewed its push to lift the $10,000 cap on deducting state and local taxes (SALT) from federal tax returns. The cap was enacted in 2017 as part of the Tax Cuts and Jobs Act. It has mostly impacted higher-income property owners in states such as […]

IRS data leak in 2021 details emerging

What led to the “massive leak of confidential taxpayer information” at the IRS in June of 2021? That’s the question asked by House Ways and Means Committee Chair, Jason Smith (R-MO) in a letter to the Treasury Inspector General for Tax Administration (TIGTA). Smith stated that the leak to media outlet ProPublica was referred to […]

What is an ordinary business expense?

Business owners can generally deduct the ordinary and necessary expenses of operations. Tax law defines an expense as “ordinary” if the transaction is common for the type of business and “necessary” if it’s helpful in conducting the business. Courts also look at the primary motive for incurring costs. In one case, an attorney argued that […]

Spy Balloons. U.F.O.s. What Else Is Up There?

And now for something completely different, but interesting.Spy Balloons. U.F.O.s. What Else Is Up There? https://nyti.ms/3xTnptf

America’s Scariest Quake Zone ISN’T in California

Earthquake: America’s Scariest Quake Zone ISN’T in California – AMU Edge https://bit.ly/3klKYbi

IRS Commissioner nominee lists priorities

Under his leadership, IRS Commissioner nominee Daniel Werfel vows to make audit equity, customer service and “tax cheating” priorities. On Feb. 15, Werfel testified before the U.S. Senate Finance Committee that he’s concerned about a “two-tier tax system” that treats lower- and higher-income taxpayers differently. When asked about how the IRS will spend the $80 […]

CBO projects $1.4 trillion 2023 federal deficit

In its new “Budget and Economic Outlook: 2023 to 2033” report, the Congressional Budget Office (CBO) projects a $1.4 trillion 2023 federal deficit. This is $0.4 trillion more than its May 2022 projection for 2023. What’s changed? Newly enacted legislation and economic factors, including inflation and rising interest rates, have affected the CBO’s projection models. […]

Guidance issued on Corporate alternative minumum tax

The Inflation Reduction Act created a new corporate alternative minimum tax (CAMT) that imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning in 2023. Large corporations, including insurance companies, with average annual adjusted financial statement income exceeding $1 billion are the taxpayers generally affected by the […]