Recent Articles
The Tax Court Sets a Cap on Capital Losses
Notably, you can use a loss to lower the amount of a gain you had earlier in the year that would have been subject to a high ordinary income tax rate if you hadn’t realized it. Taxpayers can use their...
The Court has blocked Biden’s Student Loan Relief Plan indefinitely.
An appeals court decision issued on Monday prohibits qualified borrowers from being forgiven up to $20,000 in debt. President Joe Biden’s expansive debt forgiveness program is indefinitely suspended by a federal appeals court, so the United States cannot discharge any...
The IRS Advisory Council has issued its 2022 Annual Report.
On 21 new and persistent issues in tax administration, the report makes recommendations to the IRS. On Nov. 15, the Internal Revenue Service Advisory Council (IRSAC) released its annual report for 2022, which includes suggestions for the IRS on current...
Why Accountants Should Pay Attention to Wealth Management
Adding value for your clients is essential if you want a successful, long career and expanding business. An accountant’s job description is “preparing and examining financial records,” according to the Bureau of Labor and Statistics. The duties of accountants have...
Treasury and IRS Expand Retirement Plan Approval Program
The IRS announced today that 403(b) retirement plans will now be eligible for the program. The IRS and the U.S. Treasury Department announced on Monday that one of their programs for approving retirement plans has been expanded. Certain public schools,...
Some tuition costs may be eligible for a medical tax deduction.
Although these tax advantages are phased out for higher-income taxpayers, you might be able to claim one of the two higher education credits if you have children enrolled in college. You probably already know how expensive college is these days...