Recent Articles
Tax-Smart Ways to Buy Gold
Shares of gold-based assets, such as gold mining stocks and mutual funds, are typically taxed at a maximum tax rate of 20% (15% for specific moderate-income investors). People frequently look toward alternative investments, such as gold and other precious metals,...
The Guidelines for New CPA Firms During a Recession
Your clients are probably looking to you as a CPA if you work with startups because you can help them be ready for the worst. Let’s face it: the economy isn’t likely to return to normal anytime soon. The pandemic,...
The IRS tax deadline for 2023 is April 18
The deadline for filing federal income tax returns (generally Form 1040) is Tuesday, April 18, 2023, and most states use the same calendar for state income tax returns. The deadline for filing federal income tax returns for 2022 income is...
Douglas O’Donnell was appointed as acting IRS chief
Douglas O’Donnell, an IRS veteran, recently served as deputy commissioner for services and enforcement. IRS Deputy Commissioner Douglas O’Donnell will take over as acting IRS commissioner when current IRS Commissioner Charles Rettig’s four-year term expires on November 12, Treasury Secretary...
A Brief Summary Of Current Tax Issues – 1st November
Generally speaking, the Inflation Reduction Act (IRA) improves the up to $7,500 tax credit for electric vehicles (EVs) and plug-in hybrids, but only some taxpayers will benefit from this. It’s sticker shock. If a taxpayer’s income is too high or...
Taxes on Deferred Payroll Are Due Soon
For federal payroll taxes that were deferred as far back as 2020, businesses have until December 31, 2022, to fulfill their obligations. Businesses risk receiving hefty tax penalties if they don’t follow the rules. You and your clients might not...