When taxpayers die, their deceased spousal unused exclusion (DSUE) can be transferred to their surviving spouses. This is usually referred to as “portability.” However, the executor of an estate is required to file an...

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In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims...

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Many people dream of being their own bosses. If you’re hoping to launch a business, get off to a strong start by making good decisions. For example, which business structure will you use (such...

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Debt forgiveness may result in taxes owed. Under federal tax law, gross income generally includes cancellation of debt (COD) income when a lender forgives all or part of a debt. One taxpayer was the...

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In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications...

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Are you subject to the Foreign Account Tax Compliance Act (FATCA)? You may be if you own foreign financial assets valued at more than $50,000 aggregate. Certain taxpayers must report these holdings annually to...

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The IRS and U.S. Treasury Dept. have proposed regulations “to help end confusion involving digital assets and provide clear information and reporting certainty for taxpayers tax professionals,” in the words of IRS Commissioner...

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Mark your calendars for this important date, Sept. 15, if you must make quarterly estimated tax payments. That’s the due date for the third estimated tax payment for 2023. Who must pay estimated...

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There’s “good news for the defined benefit pension system overall,” says a report from the Pension Benefit Guaranty Corp. (PBGC). The PBGC protects private sector defined benefit pension plans for more than 33.5 million...

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The Financial Crimes Enforcement Network (FinCEN) recently reported a rise in certain employment-related crimes. The crimes involved workers’ compensation fraud and state and federal payroll tax evasion in the U.S. residential and commercial real...

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