IMPORTANT! READ OUR COVID PROCEDURES

Category: Tax and Financial News

The IRS Versus the Taxpayer - Jan. 01, 2023

The IRS Versus the TaxpayerAccording to the IRS, not only is your ignorance no excuse, but so is that of your tax preparer. In other words, the fact that your tax preparer made a mistake is no excuse and will not absolve you from compliance penalties. Unfortunately, the penalty for making what could be deemed an innocent mistake can […] read more

Tax Planning Guide for Disaster Area Victims - Nov. 01, 2022

Tax Planning Guide for Disaster Area VictimsThe recent hurricane Ian impacted much of the southeast United States. As a result, it is good to know the general tax rules related to disaster victims. Below, we look at several tax topics for disaster area victims. 1. Tax Returns and Filings Q: I am a disaster area victim and needed to move from […] read more

How to Increase After-Tax Returns on Investments - Oct. 01, 2022

How to Increase After-Tax Returns on InvestmentsIt is all about how much you keep after taxes – not what you earn from your job, a business, or investments. While it is always great to see fabulous investment gains, the only financial metric that really matters is what is in your bank account at the end of the day. One of the […] read more

Electric Vehicle Tax Credits and the Future of the Automotive Industry - Sep. 01, 2022

Electric Vehicle Tax Credits and the Future of the Automotive IndustryOne highlight of the recently passed Inflation Reduction Act of 2022 (IRA; HR 5376) includes modifications to what is more commonly referred to as EV credits. Specifically, Section 30D of the Act is where the most important modifications are, and where the present tax credit for electric vehicles is spelled out in the U.S. Code. […] read more

Expanding the Net Investment Income Tax - Aug. 01, 2022

Expanding the Net Investment Income TaxDespite borrowing massive amounts of money, the government still needs to find ways to raise revenue to pay for new programs and spending. The current democratically controlled Congress is looking to potentially implement new social programs and a climate bill. As a way of funding these initiatives, they are considering an expansion of the Net […] read more

The IRS is Auditing Fewer Returns than Ever - Jul. 01, 2022

The IRS is Auditing Fewer Returns than EverOne of the perennial fears of taxpayers is getting audited by the IRS. Financially, few scenarios strike such fear into the heart of taxpayers. However, taxpayers can probably breathe a sigh of relief – at least for now. This is because the rate at which the IRS is initiating audits of individual taxpayers is dropping […] read more

Tax Break for Commercial Real Estate Investors - Jun. 01, 2022

COVID-19 impacted the economy dramatically and commercial real estate was no exception in terms of decreased values. Often, the real property could no longer service the debt used to finance it. This debt restructuring and resulting debt forgiveness can result in taxable income. Taxable Income and Debt Cancellation If you have a $80,000 loan and […] read more

Secure 2.0 Retirement Bill - May. 01, 2022

Secure 2.0 Retirement BillAt the very end of March, the House of Representatives passed a version of the bill known as Secure 2.0. The bill passed the House with overwhelming bipartisan support in a 414-5 vote. The House version still needs to pass in the Senate, where there are differing ideas on exactly what the bill should contain. […] read more

What Every Taxpayer Needs to Know This Season - Apr. 01, 2022

What Every Taxpayer Needs to Know This SeasonThe IRS is currently suffering a severe backlog in processing returns from 2021 for the 2020 tax year. As of Dec. 31, there were still more than 6 million unprocessed individual returns with notices and pending refunds. There are a few things every taxpayer should know that can help them navigate any delays in filing […] read more

Taxation of Legal Settlements and Fees - Mar. 01, 2022

Taxation of Legal Settlements and FeesThe taxation of legal settlements and fees is a complex topic. While the mechanics to make a proper claim are now easier, the rules are still complex. Below we look at six rules to consider when it comes to the taxation of legal settlements and the deduction of legal fees on your taxes. Taxes depend […] read more