On August 16th, President Biden signed into law the Inflation Reduction Act (IRA). Among the many provisions within the IRA, the act establishes a new corporate minimum tax, an excise tax on corporate stock repurchases and an increase in research credit. The act also...
The IRS defines Fair Market Value (FMV) as the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the...
Of the more than 145 million individual tax returns filed during 2021, less than 1% will be selected for an audit. Here are a few things to remember if you receive a notice from the IRS of an impending audit: IRS computers usually flag the tax returns for audits and...
You’ve received a nice (but small) tax refund for the last few years. Imagine your surprise when you actually owe money this year… How could this be? Here are some situations that may increase your tax liability: New tax laws. The assistance you may have...
Preparing for tax filing season can be time consuming and even a bit overwhelming if you’ve waited until the last minute to organize everything. Here are eight tips to help you get ready for tax season… Make your estimated tax payments. Your fourth quarter...
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