Estate Tax exemption portability

The IRS has updated the procedure for obtaining an extension to elect “portability.” Making a portability election allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must […]

Here’s how your summer internship is taxed

Here’s how your summer internship income is taxed — and when you can expect a refund https://cnb.cx/3o7zTZy

your first place to start for social security online

Social Security Online: Your First and Best Place to Start https://bit.ly/3zaQuli 

Reconciliation Bill negotiations

Congress is back in session and negotiations are underway between Sen. Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) on a scaled-back, nearly $1 trillion reconciliation bill. To date, the two have agreed on a Medicare prescription drug pricing proposal that’s estimated to save the government $280 million over the next 10 years. They’ve also […]

Preparing for Disasters

Preparing for Disasters https://bit.ly/3aBKAjN

Property Donation deduction rejected

Donating property to a qualified nonprofit may result in a tax deduction if you follow the rules. Get a written receipt when you donate. For property worth more than $500, complete and attach IRS Form 8283 (Noncash Charitable Contributions) to your tax return. If the property is worth over $5,000, you must also obtain a […]

House wants review of IRS audits

Bipartisan members of the U.S. House of Representatives want to investigate certain taxpayer audits. Members of the House Ways and Means Committee asked the Treasury Inspector General for Tax Administration (TIGTA) to review whether tax returns of former FBI director James Comey and his deputy Andrew McCabe were targeted for research audits. These audits involve […]

Joint Committee on Taxation releases overview of the 2022 tax system

The Joint Committee on Taxation, a nonpartisan Congressional advisory group, has released its latest version of an overview of the federal tax system. The document specifies that there are four main types of federal tax: 1) income tax on individuals, estates, trusts and corporations, 2) payroll tax on wages, 3) estate tax, gift tax and […]

Final rule issued for defined benefit plans

The Pension Benefit Guaranty Corporation is a federal government agency that regulates private sector defined benefit pension plans. Recently, it issued a final rule regarding restrictions and conditions under its Special Financial Assistance (SFA) Program for extremely distressed plans. The final rule reflects public comments on the interim rule released in 2021. Final rule changes […]

IRS funding

In a report to Congress, the Electronic Tax Administration Advisory Committee (ETAAC) said lawmakers should provide the IRS sustained, long-term funding before fiscal year 2023 begins this fall. This will help ensure that new programs are implemented smoothly with enough staff trained in their facilitation. The recommendation comes at a time when the House Appropriations […]