Federal Tax Updates

IRS Announcements: State Tax Refunds and the General Welfare Exclusion

Discover the latest IRS notices regarding state tax refunds and their impact on income. Learn about the tax benefit rule, the general welfare exclusion, and how these updates affect tax returns for 2022 and beyond.

IRS Provides Temporary Relief from Foreign Tax Credit Changes

The IRS issued Notice 2023-55 on July 21, effectively allowing taxpayers temporary relief from the new provisions to the Foreign Tax Credit that were issued under Treasury Decision 9959. The…

Navigating the New Regulations for Inherited IRAs

Navigating the complexities of inherited IRAs, particularly in light of the shorter distribution periods of the SECURE Act, is akin to steering a vessel through foggy waters.

Why Tens of Thousands Got ERC That Did Not Qualify

Have any of your tax clients hopped on the Employee Retention Credit (ERC) bandwagon and received a payment that perhaps they didn’t qualify for, but thought they did?

Watch this video by guest blogger Larry Gray, CPA, as he closely reviews qualifying criteria detailed on the IRS website in their Frequently Asked Questions About the Employee Retention Credit.

Anchors Aweigh for Reasonable Cause

The following estate and gift tax case is a reprint from the \”Rulings & Cases\” section in the 2022 Federal Tax Workbook, Volume A, Chapter 3. It focuses on what determines a reasonable cause for a delayed filing of Form 706 and whether or not it is considered reasonable that acting in good faith and relying on guidance from professional tax advisors is sufficient.

Two More Key Provisions of the SECURE 2.0 Act

In our blog on January 23, 2023, we covered two key provisions of the SECURE 2.0 Act: automatic enrollment of employees and the delay of RMDs. This week, we will…