Taxes March 10, 2023
Tax Court Disallows Mortgage Interest Deduction
The new case involves a complex series of transactions where three brothers intermingled their business and personal interests.
Taxes March 9, 2023
IRS and State Move Spring Tax Deadline to Oct. 16 for Most Californians
The new deadline of Oct. 16 applies to California and federal individual and business tax returns and payments.
Taxes March 8, 2023
How the Inflation Reduction Act Impacts Corporate AMT and Bonus Depreciation
The Inflation Reduction Act reintroduces the corporate AMT, but with major changes, and it only applies to certain corporations, but a company only needs to pass the book income test once to be subject to AMT.
Accounting March 7, 2023
Milestones for S Corporation Election
Although the most significant advantage is the limited liability protection it provides its shareholders, the S Corp election also avoids the double taxation incurred by C Corps.
Accounting March 6, 2023
AICPA Comments on Changes to Section 162(m) of American Rescue Plan Act of 202
Beginning in 2027, for calendar year taxpayers, a public company’s covered employees will include Current Law Covered Employees as well as the next five highest paid employees.
Taxes March 2, 2023
Senate Committee Approves Werfel Nomination to Head IRS
His nomination was approved by the committee on a 17-9 bipartisan vote. The full senate will now vote on his confirmation.
Digital Currency March 1, 2023
Another FTX Executive Pleads Guilty in Billion-Dollar Fraud Case
Nishad Singh, the former head of engineering at FTX, pleaded guilty to wire fraud and several other charges.
Taxes March 1, 2023
Average Tax Refund is Down 11% From Last Year, IRS Says
IRS statistics for the week ending Feb. 17 show the average refund is $3,140, down 11.2%, or $396, from last year.
Accounting March 1, 2023
AICPA News – March 2023
AICPA News is a roundup of recent announcements from the American Institute of CPAs.
Taxes March 1, 2023
The Tax Blotter – March 2023
Generally, small business owners who use their automobile for business driving are entitled to deduct expenses based on the vehicle’s use, but there are plenty of twists and turns along the way.
Taxes February 28, 2023
This is the One Easy Tax Credit Many U.S. Workers are Overlooking
Just 49% of workers know about the credit, which can help them save for retirement and lower their taxes, a survey found.
Taxes February 28, 2023
Clerical Error Results in Wrong Tax Refunds for Hundreds of Iowans
Roughly 300 Iowans who had filed their 2022 federal tax returns did not receive the correct federal refund.