Income Tax
These Eight States Won’t Tax Your Mega Millions Jackpot Winnings
A $1.25 billion-dollar prize is up for grabs in the next Mega Millions drawing. Will your state tax your payout?
The Tax Blotter – August 3, 2023
Under current law, net operating losses (NOLs) can no longer be carried back for two years, but they may be carried forward indefinitely.
AICPA Pushes for Tougher Action on ERC Cheats
Among the warning signs businesses should be wary of are vendors that require large, upfront contingency fees and those who fail to sign the amended payroll tax returns.
TIGTA Says IRS Isn’t Properly Controlling Sensitive Tax Information
The report found that required tracking documents, such as Forms 3210, Document Transmittal, are not included with these shipments and/or not prepared properly.
IRS Plans to Go Paperless by 2025 Tax Season
By the 2025 filing season, the IRS will digitally process 100 percent of tax and information returns that are submitted by paper, as well as half of all paper correspondence, non-tax forms, and notice responses.
S Corp Shareholder Eligibility for ITIN Holders
Understanding the intricacies of S Corp eligibility for ITIN holders can shed light on the potential opportunities and limitations for these individuals.
The Tax Payoff for Life Insurance
Although Congress has chipped away at many traditional tax shelters in recent years, the main benefits of life insurance remain intact.
Pros and Cons of the “Kiddie Tax”
If you’re not careful, this often-misunderstood tax provision can result in a sizeable income tax liability for the family.