Income Tax
New Tax Relief for Emergency Expenses
Beginning in 2024, employers may allow plan participants to use a special emergency savings account. This “sidecar account” is capped at $2,500.
New Law Revamps Retirement Saver’s Credit
Expect some guidance from the IRS before the change takes effect. In the meantime, continue to take the old rules in account for retirement planning and tax purposes.
Misclassification of Expenses at Heart of Trump Indictment
Former President Donald Trump was indicted Thursday by a Manhattan grand jury.
AICPA Proposes Operational Plan for Resources Included in Inflation Reduction Act
The AICPA issues its position on the Internal Revenue Service’s (IRS) upcoming operational plan for the $80 billion appropriation provided to the IRS through the Inflation Reduction Act.
AICPA Requests IRS Broaden Relief and Lookback Period for All Disasters
The National Taxpayer Advocate identified this issue as part of its Annual Report to Congress, or Purple Book, highlighting the need for particular attention.
Sam Bankman-Fried Charged for Bribing Chinese Officials
Sam Bankman-Fried was charged with bribing Chinese officials, adding a new dimension to the U.S. government’s case against the FTX co-founder.
Don’t Take Tax Advice from Social Media
The IRS warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations.
Former IRS Worker Guilty of Fraud and Identity Theft
The individual, who was a tax preparer and, at times, an IRS employee, was convicted of several counts of fraud and identity theft.