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In a statement posted to its website on February 3, 2023, the IRS asked certain taxpayers to temporarily hold off on filing their 2022 returns until it could issue guidance on how to treat special tax refunds and payments made by approximately 20 states in 2022. The IRS published additional guidance… Read more
Every tax season, business owners must familiarize themselves with tax law changes that went into effect for that tax year. Fortunately, businesses don't have to contend with sweeping changes for 2022. But there are three major ones that could affect business taxpayers as they file federal income…
The proliferation of phishing scams continues. Here are some new fraud schemes you should look out for, as well as twists on well-known varieties that have worked in the past.
It's that time of year again: tax season. Temporary tax relief measures that were provided during the pandemic have expired, so the changes to the tax rules for 2022 are generally unfavorable to many individual taxpayers. That means that you may owe more than you have in recent years. The reason is…
Adoptions plummeted during the COVID pandemic, but the adoption rate is slowly rebounding. If you're among those considering adopting a child, you need to know about the various tax breaks that can make the experience more affordable.
Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax…
The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) includes important changes that will affect employer-sponsored retirement plans and self-employed people looking to save for retirement. Here's an overview of key provisions for small business owners who currently offer a…
Do you pay someone to watch your young child (or another qualifying dependent) while you're at work? You may be entitled to claim the dependent care credit on the 2022 return you must file by April 18. But be aware: Recent enhancements provided under the American Rescue Plan Act (ARPA) expired at…