Recent Articles
Recommendations for adhering to the new IRS information return reporting requirements
Small And Midsize Business (SMB) owners must be aware of the tax repercussions of the most recent workforce changes because new tax reporting requirements will go into effect in 2023. The worker classifications in the American workforce have undergone a...
Inflation Slows More Than Expected
There is hope that the fastest price increases in decades are slowing down after U.S. inflation decreased in October by more than expected. Inflation in the United States fell more than expected in October, providing hope that the fastest price...
Biden names Daniel Werfel as the next IRS Commissioner.
Werfel, a former IRS acting commissioner, is the global leader of the Boston Consulting Group’s Public Sector practice. President Biden has nominated Daniel Werfel, a former acting IRS commissioner during the Obama administration and current managing director and partner at...
Home improvements may be tax-deductible as medical expenses.
If you make a home improvement that is regarded medically necessary, you may be eligible for a tax break in some limited circumstances. Normally, the cost of major home improvements like a roof replacement or a deck installation won’t qualify...
The IRS is seeking public feedback on proposed changes to the UTP form.
The IRS thinks the draft modifications to Schedule UTP and its instructions will benefit the form. For the 2022 tax year (the processing year 2023) Schedule UTP and the UTP Instructions, taxpayers have until the end of the day on...
What Retirees Should Know About IRA Contribution and Income Limits in 2023
Here’s what employees should know about the IRS’s most recent changes. If you use a traditional or Roth IRA to save for retirement, the IRS has some good news for you. You can make an extra $500 contribution to either...