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The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed for the 2019 and 2020 tax years. Read more
On July 27, 2022, Sens. Joe Manchin (D-WV) and Chuck Schumer (D-NY) released legislative text for budget reconciliation legislation, also known as the Inflation Reduction Act of 2022. Twelve days later, the U.S. Senate on August 7 approved the bill on a party-line vote, with all 50 Democratic…
As of September 19, 2022, all annual filings with the Charities Bureau must be submitted online. The online application, which uses electronic signature and payment processes, makes annual filing easier, minimizes the Charities Bureau’s review time, and reduces errors and incomplete annual…
For 2022, the federal estate tax exemption is $12.06 million (effectively $24.12 million for a married couple). With such a generous exemption, you might assume that you don’t need to worry about the federal estate tax if you die. Plus, after taking a beating in the stock market this year, the…
In today’s tough economy, you may find yourself struggling to cover your day-to-day expenses. But rising interest rates are making traditional loans more expensive. In such an environment, you might consider borrowing funds from your 401(k) retirement account, if your plan permits it. But you’ll…
Twelve days after Sens. Joe Manchin (D-WV) and Charles Schumer (D-NY) announced that they had reached agreement on a healthcare, climate and tax bill, the U.S. Senate on August 7 approved the Inflation Reduction Act on a party-line vote, with all 50 Democratic Senators voting for the legislation and…
How high can you jump? To claim a deduction for medical expenses on your personal tax return, you have to clear an annual hurdle imposed by the IRS. Although the bar was lowered a few years ago, it still takes a significant leap to clear this threshold. Fortunately, you may be able to count on more…
Have you been contacted by a charity that pulls on your heartstrings and persuades you to open your wallet? There are a multitude of reputable charities doing good deeds and supporting worthy causes. But be aware of a proliferation of scams designed to separate you from your hard-earned money…