We’re Free Filin’? Assessing The IRS’s Direct-File Report
Former IRS Commissioner David Kautter, now with RSM, discusses the recently released report on the feasibility of an IRS-run direct file program. – Forbes – Taxes
The Debt Limit Battle Has Produced Plenty Of Drama But Few Budget Cuts
It would reduce that spending authority in fiscal year 2024 then increase it by 1% annually from 2025-2029. – Forbes – Taxes
Congress Is Sitting Back While Social Security Is Trying To Starve People To Death And Is Likely Succeeding
I have a similar scenario I’ve been dealing with for about 2 years. – Forbes – Taxes
Americans Abroad Must File IRS Taxes, Disclose Accounts & Assets
Federal law requires U.S. citizens to file tax returns and to report worldwide income, and to declare foreign bank accounts and other assets. Penalties are steep. – Forbes – Taxes
CBO Releases Estimates On The Impact Of The Debt Ceiling Agreement
The bill would reduce the deficit about $1.5 trillion over the next decade. – Forbes – Taxes
Tax Deadline Fast Approaching For Americans Living And Working Abroad
If you are an American taxpayer who lives and works out of the U.S., you have about two more weeks to file your 2022 federal income tax return. – Forbes – Taxes
Alleged Tax Fraud Mastermind Gets More Jail Time For Role In Billion Dollar Scheme
A German lawyer widely regarded as the mastermind of a massive tax fraud scheme has been sentenced to an additional eight years and three months in jail. – Forbes – Taxes
The IRS Admits Race Disparity In Their Audit Selection
The IRS admits its audit selection process makes Black taxpayers up to five times more likely to be selected. Lawmakers call for swift reform to the agency’s policies. – Forbes – Taxes
4 Biggest Tax Strategies You Need To Implement Now As A Successful Business Owner
Most people are looking through the rearview mirror when it comes to taxes. Proactive tax planning can save business owners millions of dollars over their working lives. – Forbes – Taxes
Comments Question Tax Book Value Remittance Rule
Carrie Brandon Elliot reviews the comments questioning the tax book value method for characterizing remittance income in reg. section 1.861-20. – Forbes – Taxes
7 Reasons You Might Not Want To Contribute To Your State’s 529 Plan
While your state’s 529 Day promotion may be tempting, there could be better options for you and your family. As always, it’s best to understand the pros and cons of each. – Forbes – Taxes
Debt Ceiling Agreement Lifts Student Loan Pause, Cuts Some IRS Funding
After a few days of speculation about the debt ceiling agreement between President Joe Biden and House Speaker Kevin McCarthy, we finally have the details. – Forbes – Taxes