the IRS independent Office of Appeals

CPAs often are frustrated when working with the IRS Independent Office of Appeals on their clients’ behalf. On Nov. 2, committee members from the American Institute of Certified Public Accountants met with the IRS to discuss their issues. The CPAs said there’s often a “disconnect” between Appeals Officers (AOs) and their decision-making superiors. Issue coordinators […]

An update on the IRS Criminal Investigation unit

IRS Criminal Investigation’s (IRS-CI’s) special agents spend close to 70% of their time investigating crimes such as tax evasion and tax fraud and the rest investigating money laundering and drug trafficking. These facts and more are documented in the just-released IRS-CI 2022 Annual Report. In fiscal year 2022, IRS-CI agents identified more than $31 billion […]

Charitable donation of art in the courts

To receive a charitable tax deduction for the donation of art, a donor must properly substantiate the deduction. This is done with either a qualified appraisal or completion of Form 8283, Noncash Charitable Contributions. One donor donated a sculpture for which he claimed a $600,000 charitable tax deduction. The IRS disallowed the deduction because the […]

Donation of appreciated assets for tax deduction

It’s that tax planning time of year: What do you need to do to reduce obligations? – The Business Journals https://bit.ly/3fZoxpX

New Markets Tax Credit

The U.S. Treasury Department has announced $5 billion in New Markets Tax Credit (NMTC) awards. The NMTC Program allows taxpayers to receive a nonrefundable tax credit against federal income tax for making equity investments in Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships […]

What’s your filing status?

Before you know it, tax filing season will be here. One of the basic things to know is your correct filing status. Most of the five statuses are easy to determine. They are single; married filing jointly; married filing separately; head of household; and qualifying widow(er). The head of household status is often misunderstood. It […]

How High Are Taxes on Recreational Marijuana in Your State?

How High Are Taxes on Recreational Marijuana in Your State? https://bit.ly/3TkcXDy

Estimated federal budget deficit

The estimated federal budget deficit for fiscal year 2022 hit $1.4 trillion, exceeding projections from May 2022 by $341 billion. The Congressional Budget Office (CBO) recently reported that the overage reflects the Biden administration’s decision to provide student debt relief. Although student debt forgiveness was announced in August, the full multiyear costs are recorded up […]

IRA act intentions sought

Two Republican U.S. House Ways and Means Committee members are asking the U.S. Treasury Department whether it plans to use Inflation Reduction Act funds to surveil the business and personal bank accounts of Americans. President Biden proposed a bank surveillance plan in 2021, but Congressional Democrats dropped the proposal soon after. The President later modified […]

2023 State Business Tax Climate Index

2023 State Business Tax Climate Index https://bit.ly/3A3Iov9