Tariffs versus tax incentivies under discussion for semiconductor manufacturers

President Trump has said he plans to impose tariffs of “25%, 50% or even 100%” on foreign-produced computer chips and semiconductors. His goal is to coerce chip manufacturers to relocate to the United States. A bipartisan group of lawmakers is considering a different strategy. They’re calling for expanded tax incentives for domestic investments by reintroducing […]

IRS recommends it’s online tools to check status

Many Americans turn their attention to taxes over the President’s Day holiday (Monday, Feb. 17). According to the IRS, the federal holiday coincides with the peak time for IRS phone traffic. To avoid long hold times, the tax agency encourages taxpayers and tax professionals to use its online tools at irs.gov. The site includes information […]

Scam Alert! Watch for false W-2 forms

The IRS is again warning of a scam circulating that involves false W-2 forms. Scammers use tax software to create fake W-2s, listing fabricated employers, inflated earnings and excessive withholdings. They then use this information to e-file for fraudulent refunds. In a recent IRS Criminal Investigation case, a tech company owner admitted to issuing himself […]

Did you bet and win on the Super Bowl?

Are you betting money on professional or college sports? If so, you aren’t alone. According to the IRS, billions of dollars are bet by “casual gamblers,” who aren’t in the business of wagering. If you win, congratulations. Not to rain on your parade, but Uncle Sam generally wants his share. You might receive a Form […]

Tariffs on Chinese goods started February 4th

On Feb. 3, President Trump paused the 25% tariffs on imported products from Canada and Mexico that were supposed to take effect Feb. 4. There’s now a 30-day reprieve. In addition to the 25% tariffs now set to be effective March 4, a 10% tariff on energy resources from Canada is paused. Trump issued the […]

Refund Season for many taxpayers

Tax filing season (which started Jan. 27) also means refund season for many taxpayers. If you’re entitled to a federal tax refund, know that the IRS issues most refunds in less than 21 days after a return is filed. E-filing generally expedites the refund process and enables taxpayers to check on the status of their […]

Draft legislation issued to improve taxpayer experience

Senate Finance Committee Chair Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR) recently issued draft legislation they claim will “improve the taxpayer experience.” In a statement, Crapo and Wyden said the proposed draft, dubbed the Taxpayer Assistance and Service (TAS) Act, is intended to “facilitate communication between the [IRS] and taxpayers, streamline processes for […]

Tariffs paused for Canada & Mexico

President Trump announced that 25% tariffs would be imposed on products from Canada and Mexico, effective Feb. 4. But on Feb. 3 after a stock market drop, he announced that tariffs on Mexico would be paused for one month. He also imposed a 10% tax on energy resources from Canada. In addition, he imposed an […]

Can I deduct a home office?

Taxpayers preparing to file their 2024 tax returns may wonder if they qualify for a home office tax deduction. Keep in mind that it comes with specific requirements. Employees working remotely at an employer’s request don’t qualify. Self-employed individuals whose homes serve as their principal place of business may be eligible. However, the portion of […]

What Income do I report on my tax return?

When gathering your tax records, it’s easy to overlook smaller amounts of income. However, taxpayers who are employees must generally include all income, not just the amount they find on an employer-generated W-2 form. For example, did you make goods and sell them on an online marketplace or at a craft fair? Did you sell […]