Recent Articles
The Tax Court Rules Case of “He Said, She Said”
The IRS typically has three years from the earlier of the time your tax return was filed or its due date to examine the return and determine the amount of tax owed. If you agree to an extension, the IRS...
Accountants’ phones are ringing more frequently as a result of financial concerns.
Financial uncertainty leads to longer and more frequent calls to accountants and financial consultants, placing additional strain on already overworked staff resources. Financial uncertainty is causing an increase in the volume and length of calls to accountants and financial consultants,...
Retirees Should Plan for Significant Changes in Social Security Benefits in 2023.
The Social Security Administration recently increased benefit checks by 8.7%, one of many changes. The Social Security Administration (SSA) is increasing its cost of living adjustment (COLA) for benefit checks in 2023, which is good news given the recent spike...
Mortgage interest rates fell in early November.
Mortgage rates in the United States decreased last week by the most since the end of July, falling below 7% and causing an uptick in purchase applications, which had previously been declining. According to data from the Mortgage Bankers Association,...
The Tax Court Sets a Cap on Capital Losses
Notably, you can use a loss to lower the amount of a gain you had earlier in the year that would have been subject to a high ordinary income tax rate if you hadn’t realized it. Taxpayers can use their...
The Court has blocked Biden’s Student Loan Relief Plan indefinitely.
An appeals court decision issued on Monday prohibits qualified borrowers from being forgiven up to $20,000 in debt. President Joe Biden’s expansive debt forgiveness program is indefinitely suspended by a federal appeals court, so the United States cannot discharge any...