Taxes May 15, 2023
California Lawmaker Heads GOP Push for a Larger Standard Deduction
Rep. Michelle Steel is leading Republicans on a new bill that would preserve a bigger standard deduction at tax time.
Taxes May 14, 2023
IRS Publishes Initial Guidance for Domestic Content Tax Credit
Domestic content is generally defined as steel, iron or manufactured products that are manufactured or produced in the United States.
Taxes May 11, 2023
Maryland Supreme Court Revives State’s Digital Ad Tax
State’s highest court reversed a ruling by a circuit court judge that struck down the first-in-the-nation tax on digital advertising.
Taxes May 11, 2023
How Homeowners Qualify For the New Energy Efficient Tax Credits
The Inflation Reduction Act includes credits for taxpayers who make qualifying energy improvements to their home.
May 11, 2023
New Jersey CPA Pleads Guilty to $2.5 Million Tax Fraud
Benkoil admitted his conduct resulted in a tax loss to the IRS of nearly $2.5 million and has agreed to pay full restitution.
Taxes May 10, 2023
More Flexibility for Section 529 Plans
A 529 plan account owner can roll over up to $35,000 in unused funds to a Roth IRA without paying any tax, beginning in 2024.
Taxes May 7, 2023
Renting a Home Office to Your Company
Make sure the company is paying you a reasonable rent for the space. It should be the same rate that would be charged to a third party.
Taxes May 7, 2023
AICPA Releases Priority Guidance Plan on SECURE 2.0 Act
The American Institute of CPAs recently submitted a letter to the Department of the Treasury and the Internal Revenue Service (IRS) prioritizing certain provisions of SECURE 2.0
Taxes May 6, 2023
What to Do if Your Taxes Get Audited
Check to see if the IRS will be conducting a correspondence audit or a field audit. It makes a big difference in how you should handle things.
Taxes May 5, 2023
Senator Demands IRS Pays Employee Retention Credits Still Owed to Small Businesses
Sen. Kirsten Gillibrand says nearly a million businesses are owed an ERC for keeping their staff on payroll during the pandemic.
Taxes May 4, 2023
Certain TurboTax Users Could Receive Up to $85 Each in Free File Settlement
Last year Intuit agreed to pay millions for tricking low-income tax filers into paying for services that should have been free.
Taxes May 4, 2023
Trump Loses Lawsuit Against New York Times Over Report on His Taxes
The 2018 Times expose, which won a Pulitzer Prize, took a deep dive into Trump’s business and personal tax affairs.