Taxes
Latest News
IRS Shares Five New Warning Signs of Incorrect ERC Claims
‘Unpredictable’ Election Clouds Tax and Economic Policy View
Sanders May Bring His Populist Brand to Powerful Senate Finance Committee
Accountant Gets Jail Time For Charging $3 Million on New Jersey Employer’s Credit Card
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Arkansas and Mississippi Storm Victims Get Tax Deadline Extension to July 31
This means eligible taxpayers will have until July 31 to file and pay tax returns, as well as to make 2022 contributions to their IRAs and health savings accounts.
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The Mystery Behind a $7B Estate Tax Payment
On Feb. 28, 2023, the U.S. Treasury received a payment of $7 billion in the category of “estate and gift” taxes. It was the highest collection of that kind of tax since at least 2005.
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New Tax Relief for Emergency Expenses
Beginning in 2024, employers may allow plan participants to use a special emergency savings account. This “sidecar account” is capped at $2,500.
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New Law Revamps Retirement Saver’s Credit
Expect some guidance from the IRS before the change takes effect. In the meantime, continue to take the old rules in account for retirement planning and tax purposes.
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Misclassification of Expenses at Heart of Trump Indictment
Former President Donald Trump was indicted Thursday by a Manhattan grand jury.
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AICPA Proposes Operational Plan for Resources Included in Inflation Reduction Act
The AICPA issues its position on the Internal Revenue Service’s (IRS) upcoming operational plan for the $80 billion appropriation provided to the IRS through the Inflation Reduction Act.
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AICPA Requests IRS Broaden Relief and Lookback Period for All Disasters
The National Taxpayer Advocate identified this issue as part of its Annual Report to Congress, or Purple Book, highlighting the need for particular attention.