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Tag: taxes


Tax Code, Regulations and Guidance

IRS Announced 2024 COL Adjustments for Estate, Gift Tax Exclusion Amounts

November 17, 2023

Via: National Law Review

The Internal Revenue Service recently announced the 2024 cost of living adjustments for the estate and gift tax exclusion amounts. Gift Tax Exclusion Amount The Gift Tax Exclusion Amount is the amount an individual may gift to any number of […]


Tax Code, Regulations and Guidance

What NFT Creators Need to Know About Taxes

May 23, 2023

Via: JD Supra

The taxation of non-fungible tokens (NFTs) is still something of a mystery. All we have to go on is the IRS definition of digital assets and Notice 2023-27. The IRS digital asset definition includes NFTs, stating that they are a […]


Tax Code, Regulations and Guidance

Tax Court Rules That the IRS Cannot Assess or Collect Certain Tax Penalties

April 5, 2023

Via: National Law Review

On April 3, 2023, the US Tax Court issued its opinion in Farhy v. Commissioner, ruling that the Internal Revenue Service (IRS) could neither assess tax penalties under Internal Revenue Code (Code) Section 6038(b) against Alon Farhy nor collect those […]


Tax Code, Regulations and Guidance

What Is Percentage Depletion for Taxes?

January 24, 2023

Via: Fit Small Business

Percentage depletion is a tax provision that helps independent producers and royalty owners account for the reduction of a nonrenewable mineral resource, such as oil, gold, and iron, and to recover the associated cost. Another option for depletion is the […]


Tax Code, Regulations and Guidance

Employer Identification Number (EIN) Definition

June 16, 2022

Via: Investopedia

What Is an Employer Identification Number (EIN)? The term employer identification number (EIN) refers to a unique identifier that is assigned to a business entity so that it can easily be identified by the Internal Revenue Service (IRS). EINs are […]


Tax Code, Regulations and Guidance

Republicans Aim to Combat Inflation With Tax, Trade Policies

June 14, 2022

Via: The Wall Street Journal

Congressional Republicans are beginning to detail their plans to combat inflation and soften its impact on households, indicating some tax, trade and regulatory policies they might pursue if they take control of the House and Senate in this fall’s midterm […]


Tax Code, Regulations and Guidance

New bill would release Trump’s state tax returns

May 8, 2017

Via: CNN

The legislation — dubbed the Tax Returns Uniformly Made Public Act (or TRUMP Act) — would require the state to post online the state tax returns of anyone elected to federal or state office in a statewide election, including the […]


Business Law & Regulations, Finance

How a 401(k) Could Lower Your Small Business Taxes

May 2, 2017

Via: Investopedia

If you participate in a 401(k), you’re among the millions who utilize this option for retirement planning. These plans are great for socking away pretax dollars to fund your lifestyle once you leave your job. There are tax benefits, as […]


Tax Code, Regulations and Guidance

5 last-minute tax tips you need to know now

April 14, 2017

Via: CNN

As you crank through the things you need to do to get your returns prepared and filed, it’s essential not to lose sight of some key ideas that smart taxpayers always keep in mind. By being aware of these simple […]


Tax Code, Regulations and Guidance

What worries small businesses about tax reform

April 14, 2017

Via: CNN

That’s a key takeaway from a new survey of 950 small businesses conducted by the National Small Business Association. Nearly half of those surveyed employ between 1 and 4 people full time, while a quarter have between 10 and 99 […]


Tax Code, Regulations and Guidance

IRS Confiscated Millions from Innocent Small Business Owners

April 13, 2017

Via: FindLaw

A new report issued by the Treasury Department’s Inspector General is calling into question the IRS’s practice of seizing the bank accounts of small businesses suspected of laundering money. In essence, the IRS was seizing money with no evidence of […]


Tax Code, Regulations and Guidance

Tax reform decoded: What you need to know

April 12, 2017

Via: CNN

And all those rhetorical talkfests will be peppered with tax and legislative jargon. Lots of it. So here’s a cheat sheet on what some key terms mean: Revenue neutral: “How much will that tax plan cost?” is just another way […]


Tax Code, Regulations and Guidance

IRS will use private debt collectors, but warns of potential scams

April 5, 2017

Via: CNN

The IRS said Tuesday it would start sending letters out this month to taxpayers whose longtime unpaid tax debts are being farmed out to authorized private debt collection firms. The private debt collection program was created by a federal law […]


Business Law & Regulations, Finance

5 Tips for Structuring Your New Business Like a Pro

March 23, 2017

Via: Entrepreneur

Is your new business a “lemonade stand”? That’s the term we use to describe businesses that were set up quickly with lots of passion but will fade into oblivion instantly when hit with the first sign of a legal or […]


Tax Code, Regulations and Guidance

When is mortgage insurance tax deductible?

December 5, 2016

Via: Investopedia

For tax year 2016, the tax deduction for private mortgage insurance (PMI) is allowed for mortgages taken out or refinanced after Jan. 1, 2007. If certain requirements are met, mortgage insurance premiums can be deducted as an itemized deduction on […]


Tax Code, Regulations and Guidance

4 Relatively Painless Ways to Make Your Business Tax Debt Go Bye-Bye

November 23, 2016

Via: Entrepreneur

It’s not good news — the IRS is hiring again, with a focus on audits and collections. Something else: it appears that a big focus will be on business owners. So if you have been avoiding IRS notices about tax debt, […]


Tax Code, Regulations and Guidance

$458 billion in taxes go unpaid every year

October 4, 2016

Via: CNN

The United States routinely lives above its means by spending more than it takes in. But that’s not entirely intentional. Part of the problem is that every year there’s an estimated $458 billion ‘tax gap’ — taxes that are owed […]


Tax Code, Regulations and Guidance

What we know – and don’t know – about Trump’s tax plan

September 15, 2016

Via: CNN

That would be a good thing. The election is less than two months away and we know less nowthan we did a year ago, when Trump put out a 4-page, single-spaced document outlining how he’d reform the tax code. That […]


Tax Code, Regulations and Guidance

Protect Yourself From Tax Hackers

September 7, 2016

Via: Investopedia

It’s the time of year when Americans who were granted a filing extension are looking to finally complete their tax returns. That means it’s also a good time to be extra vigilant regarding the personal information you’re sending to the […]


Tax Code, Regulations and Guidance

Think you pay a lot in income taxes? You might pay more in this tax

September 7, 2016

Via: CNN

Many people complain about paying too much in federal income taxes. But it turns out that a majority of U.S. tax filers actually payless in income taxes than they do in payroll taxes, which fund Social Security and Medicare. That’s […]