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Key tax provisions in the Senate reconciliation bill

By a vote of 51 to 50, the U.S. Senate on Sunday passed a budgetreconciliation bill, H.R. 5376, now known as the Inflation ReductionAct of 2022. The bill contains numerous tax provisions, including a15% corporate minimum tax, expanded eligibility for premium taxcredits, and numerous clean energy credits. The Senate vote, in which no Republicans joined… Read More »Key tax provisions in the Senate reconciliation bill

Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers

KEY POINTS Senate Democrats on Sunday passed their climate, health, and taxpackage, including nearly $80 billion in funding for the IRS.The Inflation Reduction Act allocates $79.6 billion to the agency overthe next 10 years, with more than half of the money going toenforcement. Senate Democrats on Sunday passed their climate, health, and taxpackage, including nearly… Read More »Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers

Solo 401(k) Plans: Looking Out for Number One

One doesn’t have to be the loneliest number anymore. For years, soleproprietors weren’t able to choose from as wide a range of retirementplan options as bigger operations could. Or, in the case of a 401(k)plan, the administrative costs would outweigh the potential benefitsin the business owner’s eyes. But the landscape has changed dramatically over time.… Read More »Solo 401(k) Plans: Looking Out for Number One

Lesson From The Tax Court: Non-Receipt of 1099 Does Not Get You Out of Penalties

When we think of penalties we naturally think of punishment.  I mean,to channel Steven Wright, if a penalty is not punishment when why doesthe word start with “penal”?  Both this week and next week’s lessonteach us how penalties serve other purposes as well.  Today, in LionelE. Larochelle and Molly B. Larochelle v. Commissioner, T.C. Summ.… Read More »Lesson From The Tax Court: Non-Receipt of 1099 Does Not Get You Out of Penalties

Companies From Google to Pepsi Are Boosting Capital Spending

The biggest US companies keep stepping up their spending on capitalprojects and encouraging signals to investors in an uncertain economicclimate. Companies from Google parent alphabet incorporated to General MotorsCompany to Pepsi Cola incorporated are among those that have increasedspending on big-ticket items such as real estate, equipment, ortechnology to fuel growth. The investments are generally… Read More »Companies From Google to Pepsi Are Boosting Capital Spending

Intuit Issues Phishing Warnings to QuickBooks Users

The recent scam appears to cut across Intuit’s cloud and desktopproducts. In a worrying development pointing to the increasingsophistication of such scams, Intuit also stated that hackers appearto now be able to link emails to existing email chains, boosting theperceived authenticity of such communications. QuickBooks owner Intuit recently warned users that they risk beingtargeted by… Read More »Intuit Issues Phishing Warnings to QuickBooks Users

Global supply chain stress at 18-month low in July, NY Fed’s index shows

Stress on global supply chains eased in July to the lowest level sinceJanuary 2021 as port congestion and other snags eased, the New YorkFederal Reserve reported on Thursday, in its latest update to aworldwide index of supply problems. It was the third straight month of declines an encouraging sign forU.S. Federal Reserve policymakers who are… Read More »Global supply chain stress at 18-month low in July, NY Fed’s index shows

Taxpayer advocate appeals IRS decision to delay scanning tech

National Taxpayer Advocate Erin Collins is protesting a decision byInternal Revenue Service officials to postpone the implementation ofscanning technology by the next tax season to deal with a backlog ofmillions of paper tax returns. Collins called on the IRS during tax season to implement the kind ofcommonly used scanning technology already in use by many… Read More »Taxpayer advocate appeals IRS decision to delay scanning tech

The Independent Contractor Dilemma

Gig economy companies classifying their workers as independentcontractors continue to face lawsuits, state action, and federalagency enforcement  For much of the last decade, a legal and regulatory storm at the stateand federal levels has surrounded the classification of workers as“independent contractors” or “employees.” The dramatic growth of thegig economy, especially app-based services such as… Read More »The Independent Contractor Dilemma

IRS adding more filters trying to catch business tax fraud

The IRS is continuing to hone its filters to catch business identitytheft and tax fraud, using 84 selection filters last year to identifybusiness tax returns claiming refunds for potential fraud but notalways succeeding, according to a new report. The report, released Monday by the Treasury Inspector General for TaxAdministration, found the filters identified and selected… Read More »IRS adding more filters trying to catch business tax fraud