The Treasury Inspector General for Tax Administration (TIGTA) reports that unprocessed tax returns will continue to plague the IRS. “Inventory backlogs from the 2020 filing season continued to affect the IRS’s ability to provide timely service to taxpayers in the 2021 filing season,” TIGTA said. Auditors also examined the outcome of the IRS’s decision to … Read More
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require … Read More
The federal budget deficit hits slower growth. The Congressional Budget Office (CBO) reports that the deficit for the first five months of fiscal year 2022 was $475 billion. That’s lower than for the same period in the two previous fiscal years. Revenues rose by 26% and outlays fell 8%. Individual income and payroll taxes combined … Read More
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax … Read More
Common sense dictates that every company, no matter how small, should carry various forms of business insurance. But that doesn’t mean you should pay unnecessarily high premiums just to retain the coverage you need. Here are five ways to better control your insurance costs without sacrificing the quality of your policies: 1. Review coverage periodically. … Read More
The IRS announced that it aims to hire 10,000 employees over the next few months and deploy a new 700-person “surge” team to help clear its backlog of 24 million tax returns. It also intends to extend high-tech customer support tools throughout its operations. The U.S. Dept. of Treasury added that the agency also is … Read More
If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones. A net gift is simply a gift for which the recipient agrees to pay the gift tax, thereby reducing the value of the gift for tax purposes. It may also be possible to reduce its … Read More
It may not be too late to lower your 2021 tax bill. You may still be able to contribute to an IRA until the due date of your 2021 tax return (April 18 this year). Be sure to designate the contributions for 2021. Generally, eligible taxpayers can contribute up to $6,000 to an IRA for … Read More
Although there have been some positive signs for the U.S. economy thus far in 2022, many businesses are still reeling from last year’s “Great Resignation.” This trend of a historic number of workers voluntarily leaving their jobs, combined with the difficulty of hiring new employees, didn’t spare sales teams. However, one could say that the … Read More
Greater regulation of digital assets could be coming. On March 9, President Biden signed an executive order (EO) to expand oversight of cryptocurrency markets. The EO also prioritizes the assessment of a Central Bank Digital Currency (CBDC). Various government financial regulators will assess how the “adoption of digital assets” would affect U.S. investors and businesses. … Read More