News

How well is the IRS protecting confidential data that’s stored on their devices?

How well is the IRS protecting confidential data that’s stored on their devices? A key element of assuring confidentiality is “sanitization” of laptops, desktops and smartphones, >>

IRS address’s labor shortages-

To help address labor shortages, the IRS reminds employers that they won’t jeopardize the tax status of pension plans if they rehire retirees or permit distribution >>

10 financial statement areas to watch for COVID-related effects

The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has >>

Vacation home: How is your tax bill affected if you rent it out?

If you own a vacation home, you may want to rent it out for part of the year. The tax treatment can be complex. It depends >>

Annual Report of Foreign Bank & Financial Accounts – deadline Oct. 15, 2-21

The IRS is reminding U.S. citizens, resident aliens and any domestic legal entity that the extension deadline to file their annual Report of Foreign Bank and >>

Capital gains relief is provided for farmers and ranchers affected by drought.

Capital gains relief is provided for farmers and ranchers affected by drought. In guidance, the IRS announced that farmers and ranchers who were forced to sell >>

Generally, individuals who claim the standard deduction on their tax returns can’t deduct charitable contributions. But for 2021, the Taxpayer Certainty and Disaster Tax extended parts >>

Selling a home: Will you owe tax on the profit?

Many people have seen their home values increase recently. Be aware of the tax implications if you sell your home. If you’re selling your principal residence, >>