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Tax Reform

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IRS Customer Service May Improve in 2023

December 20, 2022

With 4,000 new customer service representatives and plans to hire 700 new Taxpayer Assistance Center (TAC) employees, taxpayers soon may get relief from endless hold times, no in-person help and unresolved problems. Read More

frazier and deeter retired couple

Reduce Taxable Income with IRA Distributions Transfers

December 12, 2022

IRA owners who are age 70½ or over can transfer up to $100,000 per year to charity to reduce their taxable income. These transfers, known as qualified charitable distributions or QCDs, offer end-of-the year tax savings and can count toward required minimum distributions (RMDs) that taxpayers who are age 72 must make each year. Think of it as a tax-free charitable rollover of IRA funds. Read More

Work Opportunity Credit Helps Offset Business Wages

June 28, 2022

With the tight job market, businesses are looking for new strategies to find and retain essential workers. The federal work opportunity tax credit (WOTC) can help businesses offset wages to allow employers to offer more competitive salaries and to tap... Read More

bank account reporting

Treasury Offers Facts v. Fiction Points On Reporting

November 15, 2021

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

Infrastructure Bill Require 1099 Cryptocurrency Reporting

September 17, 2021

To get Republican buy-in, Congressional Democrats have avoided adding tax increases to the bipartisan Infrastructure Investment & Jobs Act currently under consideration in Congress. How will they fund the bill? One tax-related source of revenue would come from broker reporting... Read More

Will Global Minimum Tax Become a Reality?

August 17, 2021

After competing for the lowest tax rates for years, 132 countries holding 90% of the world’s GDP have agreed to a framework for a global minimum tax on corporations. The plan, described in an OECD Statement, is a two-pillar package... Read More

capital gains

Biden’s Retroactive Capital Gains Tax Rate Increase

June 9, 2021

President Biden’s proposal to increase the capital gains tax has generated tremendous discussion. Looking at this proposed change in the context of past changes shows that both Democratic and Republican presidents have signed legislation with retroactive tax provisions. A retroactive... Read More

tax compliance

Account Reporting for New Proposed Tax Compliance Plan

June 7, 2021

President Biden has proposed significant tax compliance measures as an alternative way to fund his ambitious American Families Plan. Recently, he offered Republicans compliance measures as an alternative to individual tax increases, but Republicans still consider new compliance measures a... Read More

corporate tax

Corporate Tax Increases to Fund Infrastructure Plan

April 15, 2021

Increasing the corporate tax rate to 28% is the cornerstone of President Biden’s Made in America Tax Plan, unveiled as part of a proposed $2 trillion infrastructure and jobs program. Other tax provisions target international profit shifting, offshoring incentives and... Read More

Taxpayers Have Choices Under Income Exclusion Regs

January 25, 2021

The timing of income inclusion for taxpayers using the accrual method is explained in IRS final regulations, reflecting changes made by the Tax Cuts and Jobs Act. The regulations focus on taxpayers with an applicable financial statement and those that... Read More

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