Taxes April 26, 2023
Partnerships Face Increased Tax Audit Risk
Here are the five time-sensitive actions that a partnership or its representative should take within 30 days of receiving the notice of selection for examination.
Taxes April 24, 2023
What to Do if You Missed the April 18 IRS Income Tax Filing Deadline
Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.
Taxes April 24, 2023
The Tax Blotter – April 2023 – Sec. 529 Plans Get Updates
A Section 529 plan is a tax-favored way to save for a child’s college education. Contributions can grow without any current tax while distributions to pay for qualified expenses like tuition are tax-exempt.
Taxes April 21, 2023
Ford’s F-150 Leaves Tough Choices for Truck Buyers Seeking EV Tax Credits
The F-150 Lightning is one of 10 electric vehicles to qualify for the full $7,500 in tax breaks. But only the most stripped-down models.
Taxes April 21, 2023
IRS Says Phone Wait Times Have Dropped to 4 Minutes
Thanks to last year’s Inflation Reduction Act, the IRS got a funding boost that enabled it to improve taxpayer service.
Taxes April 21, 2023
AICPA Endorses Bipartisan Bill to Expand Use of 529 Savings Plan
The bill would expand eligible uses of 529 savings plans to include fees and expenses required to obtain or maintain recognized post-secondary credentials.
Taxes April 21, 2023
AICPA Recommends Improvements to Regulations on Section 645, Election to Treat Trust as Part of an Estate
TD 9032 describes the procedures and requirements for making an election to have certain revocable trusts treated and taxed as part of an estate.
Taxes April 19, 2023
3 Ways the IRS is Making it Easier for Small Business Owners to Do Their Taxes
Interacting with the agency should be less painful over the next decade as the IRS’s $80 billion spending plan is implemented.
Small Business April 18, 2023
What Small Business Owners Need to Know About Crowdfunding and the IRS
Before launching a campaign, make sure you understand all of the tax implications of crowdfunding.
Taxes April 18, 2023
‘IRS is Finally Answering the Phones’ But Tech Problems Persist
While IRS customer service is getting better, the agency is prone to stumble, particularly when technology is involved.
Taxes April 17, 2023
Just 10 Electric Vehicles Qualify for Full $7,500 U.S. Tax Credit
GM, Tesla, and Ford all have at least one EV that qualifies, while Ford and Stellantis have one eligible plug-in hybrid model.
Taxes April 17, 2023
Renowned CPA Fails to Prove NOLs
The Tax Court denied net operating loss carryforwards for a CPA who operated several Fuddruckers restaurants.