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Potential Income and Estate Tax Savings

The death of a husband or wife can be an overwhelming time for the surviving spouse, especially when it comes to financial decisions.

Following a letter from the American Institute of CPAs, the Internal Revenue Service announced on Oct. 1 that it would grant disaster tax relief for all individuals and businesses affected by Hurricane Helene.

A change to the Veterans Auto and Education Improvement Act of 2022 will affect military members and their spouses by giving them options to claim residency for tax purposes.

On Wednesday, the Internal Revenue Service announced it will increase the amount individuals can contribute to their 401(k) plans in 2024.

Ohio’s annual sales tax holiday is right around the corner.

Many of our clients who live in the Southwest Florida region, as well as North and South Carolina, were affected by Hurricane Ian.

On Oct. 5, 2022, the IRS published IR-2022-173, which allows hurricane victims in those states an extension of time to file their 2021 income tax returns until Feb. 15, 2023. This meant that if a valid extension was granted for your individual tax return through until Oct. 17, 2022, you had until Feb. 15. The affected states have followed the same stance as well.

Are you thinking about selling your home but worried about the additional tax it could generate?

It is possible that you could be one of the many who can sell your home while avoiding the capital gains tax.

A new year ushers in many changes for the Internal Revenue Service, but one massive problem will not go away – backlogs.

While the IRS still must deal with a backlog of mail and a backed-up phone system that leaves taxpayers and practitioners on hold and frequently drops the call, changes are in the works. Among them are a potential new commissioner (Danny Werfel was nominated for the role in November 2022) and an increased budget that will give the IRS billions of dollars to spend, although it has less than two months left to develop a spending plan.

The Internal Revenue Service announced in late April Health Savings Accounts (HSA) limit for 2023.

 $1.2 billion in penalties will be refunded to 1.6 million taxpayers

In late August, the Internal Revenue Service announced on its website that it had issued Notice 2022-36, which will provide penalty relief to most taxpayers who filed certain 2019 or 2020 tax returns late.