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. […]

IRS offers disaster penalty relief on dyed diesel fuel

Dyed diesel fuel is the primary fuel used in heavy construction and farming equipment, as well as off-road vehicles. These machines and vehicles are being used to help storm victims recover from Hurricane Helene. The IRS is offering penalty relief to any person that sells or uses dyed diesel fuel for highway use. Specifically, the […]

IRS announces plans to issue series of regulations related to clean energy tax provisions

The U.S. Dept. of Treasury and the IRS have announced plans to issue a series of final regulations related to certain clean energy tax provisions of the Inflation Reduction Act (IRA). The final regs will cover the Clean Electricity Production Credit (Sec. 45Y) and the Clean Electricity Investment Credit (Sec. 48E). The IRS issued proposed […]

Filing relief for Hurricane Helene victims

The IRS has announced disaster tax relief for individuals and businesses affected by Hurricane Helene. This covers the entire states of Alabama, Georgia, North Carolina and South Carolina, as well as parts of Florida, Tennessee and Virginia. In these areas, taxpayers now have until May 1, 2025, to file various federal individual and business tax […]

Is it Deductible?

Many Americans donate to IRS-approved nonprofit organizations they wish to support. If they itemize deductions at tax time, donors may also get a tax break. But if a nonprofit violates tax laws and rules, the IRS may revoke its tax-exempt status and remove it from the list of approved organizations. That means contributions to it […]

Due Date rolling up fast

For taxpayers who’ve obtained a filing extension for their 2023 federal income tax return, the extended deadline is rapidly approaching: Tuesday, Oct. 15. To be able to file by the deadline, you’ll need to gather Social Security numbers for everyone on your return; bank account and routing numbers for direct deposit; any Forms W-2 and […]

IRS Budget cut in the Appropriations Act

On Sept. 25, the U.S. House and Senate passed the Continuing Appropriations and Extensions Act, 2025 (H.R. 9747) to prevent a federal government shutdown without passing a final appropriations bill. Although H.R. 9747 doesn’t add new policy proposals, it includes a rescission of $20 billion in IRS funding from the original $80 billion allocated to […]