What makes a medical expense deductible? The IRS recently posted a list of FAQs concerning the treatment of certain costs related to nutrition, wellness, and overall health. Generally, to be deductible, medical care expenses...

Read more

Did you or someone you know turn 72 in 2022? For most of these taxpayers, April 1, 2023, is the last day to begin receiving required minimum distribution (RMD) payments from traditional IRAs, 401(k)s...

Read more

Individuals and businesses alike need to be aware of a widely-circulating scam involving the Employee Retention Credit (ERC). Be on the lookout for promoters, radio advertisements, and internet advertisements claiming large-scale tax refunds from this...

Read more

Among the many scams taxpayers should be aware of this filing season is one involving Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. Some filers have been falsely encouraged...

Read more

President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions...

Read more

April 18th is the deadline to file your 2022 tax return and pay any tax due. If you can’t file on time, you can request a six-month extension to file. However, any tax owed...

Read more

The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S....

Read more

The Inflation Reduction Act created a new corporate alternative minimum tax (CAMT) that imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning in 2023. Large...

Read more

Attention small business owners! Did you know that you may still be able to claim COVID-19 tax credits that were available to certain employers during the pandemic? Indeed, while the dates to claim COVID-19...

Read more

If you file an amended tax return electronically, you can now get a direct deposit refund. The IRS announced that taxpayers e-filing Form 1040-X, Amended U.S. Individual Income Tax Return, have this option. Previously,...

Read more