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The federal government is over half a billion dollars richer thanks to its increased collection of back taxes. The IRS has been making headlines with its intensified enforcement efforts to ensure that high-income individuals, large corporations, and complex...
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The IRS has restarted sending automated collection notices, ending a two-year hiatus due to the COVID-19 pandemic. The IRS temporarily suspended the mailing of automated reminders to pay overdue tax bills back in February 2022. Affected taxpayers would have received...
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With war, natural disasters, and other tragedies happening worldwide, you may want to donate to the global causes you believe in. But what are the tax implications of giving to charities abroad? Donating to charity has its own rewards, well above and beyond tax...
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The U.S. Supreme Court recently heard oral arguments that could lead to a landmark ruling that affects how unrealized income is (or isn’t) taxed. As summarized here, Moore vs the United States deals with a relatively new mandatory repatriation tax (MRT) that the...
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The IRS has announced it is delaying the new $600 Form 1099-K reporting threshold requirement for third-party payment organizations for tax year 2023 and is planning a threshold of $5,000 for 2024 to phase in the new law. Digital payment platforms affected include...
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Mastering the art of timing can be a powerful tax planning tool. Simply filing and paying on time can make a significant difference. So can managing the timing of asset purchases, capital gains and losses, and deductions. Consider the following ways timing can reduce...
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