Fraud Alert!

It’s holiday time, but not everyone is sharing goodwill. Thieves are hoping to catch people off guard and a favorite target is senior citizens. Next month, the 2023 cost-of-living adjustment (COLA) rolls out automatically to Social Security (SS) recipients. But thieves have been using phone calls, texts and email to contact seniors, impersonating government agents. […]

Excise Taxes and Fees on Wireless Services Increase Again

Excise Taxes and Fees on Wireless Services Increase Again in 2022 https://bit.ly/3HXtOKq

Secure Act 2.0 update

A new law aimed at bolstering retirement saving is closer to becoming reality after two years of fine tuning. The Securing a Strong Retirement Act of 2022 (Secure Act 2.0) is part of the omnibus spending bill that Congress is taking up before year end. This version was approved last spring by the U.S. House […]

Guidebook to IRA tax incentives released

The White House has released a comprehensive guidebook to the Inflation Reduction Act’s clean energy and tax incentives. It provides an overview of related programs and explains who’s eligible to apply for funding and for what activities. For example, several provisions encourage businesses to invest in communities most in need of new economic development. Consumer […]

Global Minimum tax advances

The Global Minimum Tax is a done deal. On Dec. 12, 2022, the 27 members of the European Union (EU) unanimously agreed to implement the Organization for Economic Co-operation and Development’s tax framework. Until recently, Hungary had blocked the EU from moving ahead. But Hungary relented after the United States revoked its tax treaty. Now, […]

The IRS gets sued

The CEO of global investment firm Citadel, Ken Griffin, is suing the IRS and the U.S. Dept. of Treasury, alleging his tax return information was unlawfully disclosed. Griffin’s complaint accuses the IRS of willful or grossly negligent unauthorized disclosure, arguing that IRS systems are “vulnerable to, among other things, malicious efforts by IRS employees or […]

IRS 2022 financial report published

The IRS has published its fiscal year 2022 financial report. The report highlights the agency’s fiscal actions and financial management activities for the period of Oct. 1, 2021, through Sept. 30, 2022. According to the report, during 2022, the IRS processed 260 million federal tax returns and other forms and collected $4.9 trillion in gross […]

Tracking Percentage of business use of assets

If you’re a business owner hoping to deduct asset depreciation from your gross income, it’s crucial to track the percentage of business use of assets. In one case, a married couple were long-time farmers. They deducted large amounts of depreciation on farm equipment and vehicles over several years, but they failed to track the business […]

Budget work continues

As both houses of Congress continue to work toward agreement on a funding bill covering fiscal 2023, they approved a one-week short-term funding extension on Dec. 15. This continuing resolution (CR) keeps the government funded until Dec. 23, giving Congress more time to pass an omnibus bill, which requires agreement on 12 separate bills. Some […]

Deferred Social Security Tax is Due

If you own a business or are self employed and you deferred part of your Social Security tax in 2020, the second installment of the deferred amount is due Dec. 31, 2022. To pay, you can use the Electronic Federal Tax Payment System (EFTPS.gov). On the “type of tax” screen, choose “Deferred Social Security Tax” […]