Work Opportunity Tax Credits

Does your business qualify for the Work Opportunity Tax Credit (WOTC)? The IRS answered that question in a recently released one-page publication. The WOTC is a one-time credit for each new hire who faces employment barriers. To claim the credit, employers must file a form with their state’s workforce agency. The employer must also obtain […]

Qualified Opportunity Zones and cryptocurrency

U.S. Senate Finance Committee Chairman Ron Wyden (D-OR) has expanded a probe into cryptocurrency links to qualified opportunity zones (QOZ). The QOZ program allows investors who recognize capital gains to reinvest those gains, tax-deferred, in QOZ-related funds that then invest in QOZs throughout the country. Wyden is “concerned by recent reports that companies involved in […]

Defined benefit plan updates

If your company offers employees a single-employer defined benefit plan, take note: In Notice 2022-22, the IRS has released 2023 mortality improvement rates and static mortality tables. These rates and tables are used to determine present value and make other calculations for valuation dates that occur during calendar year 2023. For example, they prescribe funding […]

HSA amounts rise for 2023

Inflation boosts HSA amounts for 2023 https://bit.ly/3KCiqBl

Where’s my Refund?

Are you waiting for a federal tax refund? Be patient. Most taxpayers who e-file and choose direct deposit receive refunds they’re owed within 21 days. However, as a recent IRS Tax Tip explains, several things might delay it. These include errors, incomplete forms and identity theft. Also, if you require a correction to a Child […]

Waiting on a Tax Refund?

Waiting for a Tax Refund? 9 Biggest Reasons Why Your IRS Money Could Be Late – CNET https://cnet.co/38EGeXU

Offshore Insurance entities

In a recent report, the Government Accountability Office (GAO) assessed guidance from the IRS on complying with laws related to offshore insurance accounts. This included assessing the agency’s enforcement of noncompliance of offshore insurance-related entities, including micro-captive insurance tax shelters. “Tax evasion schemes involving offshore insurance are complex and resource-intensive for the IRS to pursue, […]

Collection Standards

The IRS Collection Financial Standards are revised annually and used in determining how much income delinquent taxpayers can keep to pay their bills (with the rest going toward settling their tax debt). Allowable living expenses include those expenses that meet the “necessary expense test.” This test is defined as expenses that are necessary to provide […]

Employee Leave at the IRS

The IRS needs to tighten the handling of its employees’ leave, according to the Treasury Inspector General for Tax Administration (TIGTA). TIGTA sampled 50 cases of IRS employees who requested sick leave for family care under the Family and Medical Leave Act (FMLA). Some controls worked well, but in 44 of those cases, procedures laid […]

Elon Musk’s Tax rate

No, Elon Musk Didn’t Pay a 3.27 Percent Tax Rate – Reason https://bit.ly/3EPVk8Y