Tax News

  • BENEFICIAL OWNERSHIP INFORMATION (BOI) REPORTS STILL REQUIRED AFTER FEDERAL COURT RULING

    In a recent turn of events, an Alabama federal judge has declared the Corporate Transparency Act (CTA) of 2021 unconstitutional, bringing relief to only the plaintiffs in that lawsuit. This includes Isaac Winkles, his businesses, and 65,000 members of the National Small Business Association (NSBA). National Small Business United v. Yellen, 5:22-cv-01448 (N.D. Ala. 2024). […]

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  • New Energy Efficient Home Improvement Credit Up to $1,200 Available in 2023

    In a bid to encourage eco-friendly practices, individuals making energy efficient improvements in their homes starting in 2023 may now reap the benefits of a new energy-efficient home improvement credit up to $1,200. This credit, which replaces the old nonbusiness energy credit, can be a valuable financial incentive for those looking to enhance the energy […]

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  • Filing Your BOI Report – What You Need to Know

    In a significant stride towards financial transparency, the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has initiated the acceptance of beneficial ownership information reports mandated by the bipartisan Corporate Transparency Act, enacted in 2021. This groundbreaking effort aims to compel companies operating within the United States to disclose crucial information about the individuals ultimately […]

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  • Texas Supreme Court issued its opinion in Duncan House Charitable Corporation v. Harris County Appraisal District (HCAD)

    On September 1, 2023 the Texas Supreme Court issued its opinion in Duncan House Charitable Corporation v. Harris County Appraisal District (HCAD), reversing the 14th Court of Appeals and ruling against the Harris County Appraisal District on a property tax exemption dispute. The primary issue was whether the property owner (the charity) was required to […]

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  • IRS Targets Employee Retention Credit (ERC) Scams as Number 1 on its Dirty Dozen List for 2023.

    Each year the IRS publishes a Dirty Dozen list of tax scams that it plans to target in upcomingaudits. This year the IRS spotlighted Employee Retention Credits (ERCs). The public has literallybeen bombarded with radio and internet ads in the last 12 months by promoters attempting to conineligible businesses into claiming the credit. These promotions […]

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  • IRS Raises its Interest Rate to 7% for First Quarter 2023

    The IRS has announced that the interest rate it charges for underpayments of tax (including estimated tax payments) has increased from 6% to 7% beginning January 1, 2023. This is the fourth quarter in a row that IRS has raised its interest rate by a full percentage point. (Rev. Rul. 2022-23). One year ago on […]

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  • Millionaire Donkey Breeder Can Deduct Losses, Tax Court Says

    The Tax Court recently held that a couple of millionaires could deduct the losses incurred in their miniature donkey breeding business because it was entered into for profit. This case can serve as a valuable roadmap to survive an IRS audit for those with a loss-generating activity. Huff and his wife lived on a farm […]

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  • IRS Increases Mileage Rate to 62.5 Cents Effective 7/1/22

    In recognition of recent gasoline price increases, the optional standard mileage rate for the final six months of 2022 has been increased from 58.5 cents to 62.5 cents. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final six […]

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  • A RARE TAXPAYER VICTORY IN THE U.S. SUPREME COURT

    If a taxpayer files a case with a trial court one day late, is he automatically denied his day in court? As is the case with so many tax issues, it depends. If it is a jurisdictional deadline, then the deadline is immutable, and the court will not acquire jurisdiction to hear the case. If, […]

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  • IRS Computer Generated Notices – No End in Sight Anytime Soon

    The IRS has received requests from 200 members of Congress and numerous practitioners to stop automated notices. However, in a statement on its website on January 27, 2022, the IRS said it “will be very difficult…due to technology limitations.” “With an outdated technological ecosystem, these are changes that cannot be made as efficiently as they […]

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