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The IRS and Gambling – The Tax Blotter – June 16, 2023
Taxpayers can claim a limited deduction for gambling losses, but the IRS keeps close tabs on these write-offs.
Taxpayers can claim a limited deduction for gambling losses, but the IRS keeps close tabs on these write-offs.
While primarily targeted at companies maintaining more than 5,000 client records (think tax returns), certain safeguard components are required for firms with fewer than 5,000 records.
When should you begin to make nondeductible contributions to your IRA?
Make sure you keep business use above the 50% level. In addition, maintain all the driving records required by the IRS.
A self-employed individual may claim the foreign earned income exclusion on foreign earned self-employment income.
Biden and McCarthy announced a deal to increase the government's debt limit, enabling the nation to avoid a debt default and economic turmoil.
The IRS is actively auditing and conducting criminal investigations related to these false claims. People need to think twice before claiming this.
The Tax Blotter is a round-up of recent tax news.