Will Tax extenders be addressed this year?

Will the fate of the so-called “tax extenders” be addressed in Congress this year? It’s unclear at this time. The extenders could be part of an omnibus bill, expected in December. According to a recent Congressional Research Service (CRS) report, 40 temporary tax provisions expired in 2021 and others are set to expire in or […]

Extension deadline coming soon

The IRS is reminding U.S. citizens, resident aliens and domestic legal entities that the extension deadline to file an annual Report of Foreign Bank and Financial Account (FBAR) is Oct. 17, 2022. Filers missing the April 15 annual FBAR due date earlier this year received an automatic extension until Oct. 17 to file their FBARs. […]

Tax Hike Proposals Live on Despite Being Dropped in the IRA

Tax Hike Proposals Live on Despite Being Dropped in the Inflation Reduction Act https://bit.ly/3rWY6n2

IRS letters on health coverage coming

The IRS has announced that it will start mailing letters to specific individuals in October on behalf of the Center for Medicare & Medicaid Services. The letters will provide information on how to obtain Marketplace health care coverage by signing up through the healthcare.gov site. However, the IRS stated that it’s unable to answer any […]

Tax relief for North and South Carolina

As expected, the IRS has announced tax relief for Hurricane Ian victims in South Carolina and North Carolina. Like the relief offered earlier to Floridians, tax filing and payment deadlines for affected individuals and businesses are extended to Feb. 15, 2023, beginning Sept. 25, 2022, in South Carolina and Sept. 28, 2022, in North Carolina. […]

IRA incentives on EVs causes pushback

The Inflation Reduction Act’s tax incentives are designed to help cut the U.S.’s carbon emissions by half by 2030 and achieve net-zero emissions by 2050. But implementing $270 billion in new tax breaks isn’t going to be easy. Already, some electric vehicle (EV) manufacturers and countries such as South Korea are pushing back on the […]

Bill introduced to strip IRS funding

A second bill has been introduced to strip the IRS of enforcement funding provided in the Inflation Reduction Act. Authored by Rep. Adrian Smith (R-NE), the Family and Small Business Taxpayer Protection Act comes on the heels of similar legislation introduced by Rep. Jefferson Van Drew (R-NJ). Neither bill is expected to become law. In […]

Secretary of Treasury calls for cryptocurrency regulation

In a recent report, Treasury Secretary Janet Yellen and the Financial Stability Oversight Council called for tighter cryptocurrency regulation and oversight. Specifically, Yellen warned of risks posed by the proliferation of digital assets and urged Congress to pass legislation that addresses gaps in the financial system. Yellen said that digital assets “have grown significantly in […]

Deductible Medical Expenses

Taxpayers that itemize may be able to deduct eligible medical expenses they incurred for themselves, their spouses and dependents, subject to limits. Taxpayers bear the burden to prove the expenses, to show they were paid during the tax year and weren’t reimbursed by insurance. One corporate executive and her husband deducted medical expenses of $41,648 […]

CBO reports

Congress relies on reports from the bipartisan Congressional Budget Office (CBO) for various estimates. But some lawmakers are pressing the CBO to adhere to their required reporting deadlines involving the status of Social Security and Medicare trust funds. Congress is required to receive an analysis of the operations of these trust funds annually, by April […]