The IRS unveils higher capital gains tax brackets for 2025

The IRS unveils higher capital gains tax brackets for 2025 – CNBC https://bit.ly/4fdg3Vf

Self-Insured plans required to report coverage information

Health insurers, employers that sponsor self-insured health plans and other minimum essential coverage providers are required to report certain coverage information to the IRS. The tax agency uses it to determine employer shared responsibility penalties and eligibility for premium tax credits under the Affordable Care Act (ACA). The IRS has just released final forms and […]

SCOTUS denies R+D Credit claimed by taxpayers

The U.S. Supreme Court has upheld a U.S. District Court ruling that denied research and development tax credits claimed by a married couple. The taxpayers own a construction company operating as an S corporation, and the lower court had ruled that the corporation’s projects failed to meet the business components test. It also found the […]

Disaster relief

When natural disasters occur, the U.S. government often declares affected counties as federal disaster areas. The relief associated with these declarations typically extends tax filing and other deadlines for individuals and businesses. The Treasury Inspector General for Tax Administration (TIGTA) has determined that the IRS must provide greater clarification regarding the timeframe for which business […]

Syndicated Conservation Easements classified as listed transactions under new regulations

The IRS has issued final regs that formally classify certain syndicated conservation easements as “listed transactions.” These transactions will be subject to reporting and disclosure rules designed to combat tax avoidance schemes. Indeed, syndicated conservation easements have been on the IRS’s annual Dirty Dozen list of tax schemes for many years. In these transactions, investors […]

Gamblers often don’t report taxable winnings

Gambling winnings must be included in taxable income. But a recent report by the Treasury Inspector General for Tax Administration (TIGTA) found many taxpayers with gambling income didn’t file tax returns. This occurred even though they received Forms W-2G (Certain Gambling Winnings). A TIGTA analysis covering three tax years showed that 148,908 persons who were […]

Leveraging Tax Policy to Bolster US Economic Growth Amid Competition with China

Leveraging Tax Policy to Bolster US Economic Growth Amid Competition with China https://bit.ly/48tMLjb

Do you have Bad Debt on the books?

Now that the last quarter of 2024 is here, it’s a good time for accrual-basis businesses to clean up their books and possibly lower their taxes. Review your receivables to see if there are any bona fide business debts that have become uncollectible. If so, you may be able to take a bad debt tax […]

New Guidance issued for 403(b) Plans

Many nonprofit organizations offer 403(b) retirement savings plans to their employees. The SECURE 2.0 Act made certain long-term, part-time workers eligible for participation in these tax-advantaged plans. However, the IRS hadn’t clearly explained which plans were affected by the rules, leading to some confusion. New guidance states that only 403(b) plans subject to Title 1 […]

FEMA get help from the IRS

The IRS is pitching in to help the Federal Emergency Management Agency’s (FEMA’s) relief efforts in regions affected by Hurricane Helene. The agency has sent 500 customer service representatives to assist with FEMA phone lines and 16 Criminal Investigation agents to help with search and rescue operations and to protect FEMA workers and their equipment. […]