Because of the controversy surrounding bank account reporting and the “widespread mischaracterization” of the plan, the Treasury Department has taken the unusual step of releasing a fact sheet in advance of bill passage. Read More
The $3.5 trillion infrastructure bill has cleared the House tax writing committee and now is the subject of intense negotiations to move it forward. Read More
Fans of best-selling crime author Karin Slaughter can’t wait for the release of her Netflix series, Pieces of Her. The author, an Atlanta native who has sold a reported 35 million copies of her books worldwide, is known for dark... Read More
Liability for the estate tax falls on the estate assets and is limited by the value of those assets. Executors and beneficiaries generally do not have personal liability for estate taxes although the IRS can come after the assets held... Read More
On June 30, 2021, the NCAA Board of Directors announced a temporary rule change that allows college athletes to profit from the use of their name, image, and likeness (NIL). The new policy went into effect on July 1,... Read More
The congressional tax-writing committees are considering bipartisan legislation that would provide an unprecedented boost in retirement savings. The far-reaching proposals are being billed as the “SECURE 2.0 package”, an extension to the 2019 SECURE Act, which increased the age for... Read More
What could a change in administration and a shift in Senate majority mean for taxes? Frazier & Deeter tax experts LeighAnn Costley and Bryce Nations discuss potential tax changes by the Biden administration. Listen now using the player below or... Read More
The IRS has resolved some of the issues left open under proposed passthrough deduction regulations issued last year. Final regulations under Sec. 199A provide guidance on the treatment of previously suspended losses included in qualified business income (QBI) and on... Read More
When it comes to basic principles of federal taxation, I tell my students to start with these truths: Everything is income unless it isn’t, and nothing is deductible unless it is. In a recent Tax Court case, MCM Investment Management,... Read More
Record keeping is an important part of running a small business. Not only will keeping good records help you understand your business results, but good records also help small businesses minimize taxes and avoid costly audits. Except in a few... Read More
