Taxes
Federal and State Taxation of Life Settlements
Since proceeds up to the policyholder's cost basis aren't taxable, the lower cost basis triggered a larger tax burden for selling policyholders.
Partnerships Face Increased Tax Audit Risk
Here are the five time-sensitive actions that a partnership or its representative should take within 30 days of receiving the notice of selection for examination.
What to Do if You Missed the April 18 IRS Income Tax Filing Deadline
Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.
A Refresher on the Types of Small Business Legal Structures, and Their Benefits
Now is an excellent time to review how your clients’ legal structure affects their business and personal taxes. Let’s look at the types of entities, how taxes are filed, and when clients should consider changing their entities.
Supreme Court to Decide if IRS Can Secretly Obtain Bank Records
The answer to that question likely won’t come until early this summer when the Supreme Court is expected to issue its ruling in Polselli v. IRS.
The Tax Blotter – April 2023 – Sec. 529 Plans Get Updates
A Section 529 plan is a tax-favored way to save for a child’s college education. Contributions can grow without any current tax while distributions to pay for qualified expenses like tuition are tax-exempt.
Ford’s F-150 Leaves Tough Choices for Truck Buyers Seeking EV Tax Credits
The F-150 Lightning is one of 10 electric vehicles to qualify for the full $7,500 in tax breaks. But only the most stripped-down models.
IRS Says Phone Wait Times Have Dropped to 4 Minutes
Thanks to last year’s Inflation Reduction Act, the IRS got a funding boost that enabled it to improve taxpayer service.