We need better information on tax collection trends
Anecdotal observations: My own anecdotal experience and online comments from other tax professionals indicates that tax audits and collection activity have increased […]
Category: IRS
New nonprofit formations under scrutiny
The nonprofit formation process is under scrutiny. This week’s Kiplinger Tax Letter devoted attention to the topic. It referred to an unnamed […]
Noncash charitable donations
A snapshot of #tax issues related to large non-cash charitable deductions: – Taxpayers can avoid paying income tax on up to half […]
Should a small charity file 990N or 99EZ? It might depend on your goals
An accountant’s general rule is to provide as little information on a required filing as the law requires. But the opposite may […]
How to report PPP loan forgiveness on your 1040 tax return
IRS included little specific guidance on the reporting of tax-exempt income from the forgiveness of a PPP loan. Generic instructions are included […]
How to handle tax law complexity
Yesterday a business owner made a comment in conversation fearful of the complexity of tax laws and his perception that compliance regulations […]
IRS Free File service is expanded
IRS is expanding its promotion of free electronic filing this year. Eight providers are participating in the IRS’s Free File program: 1040Now, […]
How bad tax advice tripped millions of investors
“Good tax advice may appear to be expensive, but it’s not as costly as blowing up your IRA” -WSJ What’s the easiest […]
Disowning the IRS disaster
This week I created a form letter email to set the background expectations before scheduling a talk with a current or prospective […]
41 Federal Tax Changes for 2021
Many of us are playing ‘catch up’ on tax planning for 2021 and that means a greater risk of paying more than […]