Haven’t filed your tax return? Join the crowd. getty Are you just getting ready to tackle your 2022 income tax return? You’ve got plenty of company. There’s about a month left in the current tax filing season, which opened on Jan. 23, 2023, and will run until April 18, 2023 and the most recent IRS...Read More

President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would bring U.S. tax rates far out of step with international norms. Some of the proposals may be familiar, recycled from prior budgets and failed legislative attempts, but some are new, like the proposed tax hikes for Medicare funding. In total, they would...Read More

SCOTUS: Bank Secrecy Act penalty applies per FBAR, not per foreign account. Via Tax Notes (paywall), the US Supreme Court ruled yesterday in favor of the taxpayer in a 5-4 decision. In the case, a dual citizen of Romania and the US submitted five years’ worth of annual Reports of Foreign Bank and Financial Accounts...Read More

Big life events often trigger tax changes, and getting married is one of them. Though often overlooked, one of the most important steps you should take after getting married is updating your Form W-4 with your employer. Should I fill out a new W-4 when married? Yes! Your W-4 tells your employer how much tax...Read More

Client relationships, like any relationship in life, can at times be challenging. Miscommunication, unrealistic expectations, and personality differences are bound to surface on occasion, but establishing boundaries early on can help accountants avoid these problems and better manage client expectations.  When both accounting clients and staff are on the same page, it helps strengthen client...Read More

Close-up of hand knocking on the door getty For years, the IRS has made clear that their first contact with you will not be a text or email. But it turns out that it might be a knock on your door. Residents of Floyd County, Georgia, were shocked recently when they saw a man visiting...Read More

Key Findings Although most states forgo local income taxes, they are a significant source of local tax revenue in six states and at least a modest source of revenue in 10 others. Some use state definitions of income, while others define income separately or make modifications to the state base. Localities that “piggyback” on the...Read More

IRS inflation adjustments for individual taxes: How does it work?  TPC’s Robert McClelland  has a new brief explaining why the IRS inflation adjustment was enacted, how it works, and how the change from using the so-called headline consumer price index (CPI) to chained CPI has affected taxes. Inflation last year reached its highest level in...Read More

The Internal Revenue Service provided details clarifying whether special state tax payments issued by 21 states in 2022 are taxable. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns. During a review, the...Read More

The IRS has advised that many people should expect smaller tax refunds for 2022. Here’s why your refund may not be as big as last year’s and some tips on what you can do to maximize your refund amount. Why do you get a tax refund from the IRS? Let’s review why we get a...Read More