Frequently Asked Questions About Medical Expenses Related to Nutrition, Wellness, and General Health (Mar. 17, 2023); IRS News Release IR-2023-47 (Mar. 17, 2023) FAQs News Release The IRS has issued FAQs that explain when certain costs related to nutrition, wellness, and general health are medical expenses under Code § 213 that may be paid or reimbursed under...Read More

PHILADELPHIA, PENNSYLVANIA – MARCH 09: President Joe Biden talks about his proposed FY2024 federal … [+] budget. (Photo by Chip Somodevilla/Getty Images) Getty Images The revenue provisions of President Joe Biden’s fiscal year 2024 budget would lower after-tax incomes by an average of about $2,300 next year, according to a new analysis by the Tax...Read More

Topline Preliminary Estimates Net Deficit Impact Long-run GDP Wages FTE Jobs Note: *On a conventional basis. Source: Tax Foundation General Equilibrium Model, March 2023. President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would add up to nearly $4.8 trillion in new taxes targeted at businesses and high-income individuals. After $833 billion in expanded...Read More

Guidance on the CHIPS Tax Credit is available. The “Creating Helpful Incentives to Produce Semiconductors and Science (CHIPS) Act of 2022” established an advanced manufacturing investment credit. Treasury and the IRS are now releasing rules for the credit, which is worth 25 percent of the value of qualified investments in domestic semiconductor chip production. The...Read More

It’s almost time to commemorate Earth Day: To celebrate going green, we will look at tax credits that help save you money while you make your home a bit more energy efficient. Before we get into specifics, one positive thing to note for your taxes is these tax benefits are credits, so unlike deductions, they...Read More

Did you receive a 1099-K tax form this year? If you’ve never seen this form before and are unsure what to do with it, don’t freak out — we can help you understand your Form 1099-K and guide you through reporting any necessary income. How do I use my 1099-K when filing my tax return?...Read More

It’s probably happened to you before. A client comes in to drop off all their tax prep information and stops to ask you a “quick question.” It’s a question that is easy for you to answer, but one that has nothing to do with the work you do for the client. You probably answered it...Read More

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