ARTICLES
Feb 22, 2023: News You Can Use - Mileage and Expense Log
In order to be a deductible, business expenses for travel, lodging, and meals must be ordinary and necessary....
Feb 10, 2023: Why is the IRS urging individuals to wait on filing taxes?
Stimulus and rebate payments distributed through State programs in 2022 have left the IRS with important questions to be answered. In California, multiple stimulus payments went out such as the Middle-Class Tax Refund to millions of ...
Dec 19, 2022: Charitable Contributions Recordkeeping Requirements
If you plan to include your charitable deductions on your tax return for 2022, you will find this handout provides a useful summary of your recordkeeping requirements.
Nov 28, 2022: Wash Sale Rules for Stock Traders
Do you trade Stocks? If you do, you need to be aware of the Wash Sale rules. What are the “Wash Sale rules” you ask? A wash sale is when you sell or trade stock or securities at a loss and within 30 days before or after the sales you buy ..
Nov 23, 2022: IRS Conducts Field Visits to Resolve Delinquencies
Did you know that the IRS conducts field visits? As the Covid 19 pandemic comes to an end, and with Congress providing additional funding, we can expect to see IRS Revenue Officers doing field visits to individual and business taxpayers ...
Aug 24, 2022: Biden’s Student Loan Forgiveness – Fact Sheet
There is currently a hold on President Biden’s initiative due to a legal challenge by six Republican-led states - Arkansas, Iowa, Kansas, Missouri, Nebraska, South Carolina - claiming an overstep in authority by the Biden administration.
Aug 24, 2022: Taxpayer advocate appeals IRS decision to delay scanning tech
National Taxpayer Advocate Erin Collins is protesting a decision by Internal Revenue Service officials to postpone implementation of scanning technology by next tax season to deal with a backlog of millions of paper tax returns.
Aug 16, 2022: Inflation Reduction Act impacts Tax Credits for EV Buyers
The Inflation Reduction Act made changes to the tax credits available for the purchase of Electric Vehicles. There is now a limitation on the $7,500 credit to only those cars assembled in the U.S. In addition, if the manufacturer has ...
Jul 30, 2022: Winner Of $1.28 Billion Lottery Gets $433.7 Million After Tax
Someone in Illinois bought the winning ticket, and if he or she does like most winners, they will take the lump sum, not the annuity. The $1.28 billion prize, which is the second-largest jackpot in Mega Millions lottery history, can be...
Jul 28, 2022: IRS sent incorrect balance due notices to couples
The Internal Revenue Service admitted that some married couples received erroneous balance due notices for their 2021 tax returns. The IRS added that no immediate response to the notice or phone call were necessary right now and ...
May 22, 2022: Court Rules IRS Is Too Late To Audit, Win For Taxpayers
Tax returns are annual drudgery, but they matter. They matter for individuals, businesses and investment entities. Everybody must file one, or more than one, depending on how many entities you have. You may have state taxes to file too.