Earlier this month, the IRS issued long-awaited guidance on donor-advised funds (DAFs). As proposed regulations define them, DAFs are accounts maintained by “sponsoring organizations” and funded by charitable donors who retain advisory privileges regarding...

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As another year ends with interest rates and markets in flux, one thing remains certain: Reducing your company’s tax bill can improve your cash flow and your bottom line. Below are five strategies —...

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Are you familiar with the Saver’s Credit? It’s a special credit that helps offset part of the first $2,000 that low- and moderate-income workers contribute to IRAs, 401(k)s or similar workplace retirement plans. The...

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The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. The Tax Cuts and Jobs Act (TCJA) nearly doubled the standard deduction for those who don’t...

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In a letter, a bipartisan group of U.S. House of Representatives members urged the U.S. Dept. of Treasury to revise proposed digital asset reporting regs released last August. The letter said the proposed regs...

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The IRS has announced a delay in releasing the $600 Form 1099-K reporting threshold for third-party settlement organizations. Calendar year 2023 will now be considered a transition year and third parties (including payment apps and...

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National Tax Security Awareness Week is here. As part of an effort to help reduce identity theft, the IRS and its partners will sponsor a week of press releases, social media posts and other...

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Employers that are looking to hire new workers may be able to reduce their tax bills with a valuable one-time federal tax credit. The Work Opportunity Tax Credit (WOTC) encourages employers to hire from...

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The IRS is reminding taxpayers that to prevent surprises at tax time they should review their withholding and, if necessary, adjust it. Tools are available to help. The Tax Withholding Estimator at irs.gov enables...

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Heads up, business owners! Identity theft is a serious threat that can shut down your company, possibly forever. Among the signs that business identity theft has occurred: A business can’t file a tax return...

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