IRS Announces Depreciation Deductions for Automobiles
Society of Financial Service Professionals | February 23, 202326 CFR 601.105: Examination of returns and claims for refund, credit, or abatement; determination of correct tax liability....
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Advisor Alert: National Taxpayer Advocate Report for 2022
Society of Financial Service Professionals | March 20, 2023According to National Taxpayer Advocate Erin M. Collins, taxpayers and tax professionals “experienced more misery in 2022” due to delays and poor customer service....
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Employer Tax Credit for Paid Family and Medical Leave
Society of Financial Service Professionals | March 20, 2023Employers providing paid family and medical leave to their employees may be able to claim a tax credit under IRC Sec. 45S. Get an overview of the credit and learn potential issues to consider…...
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Reaping the Potential Benefits of Tax-Loss Harvesting
Society of Financial Service Professionals | May 01, 2023While no one wants to lose value, harvesting losses for tax purposes can provide a financial silver lining—and one that doesn’t expire....
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Treatment of certain nonfungible tokens as collectibles
Society of Financial Service Professionals | May 01, 2023This notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to issue guidance related to the treatment of certain nonfungible tokens (NFTs)....
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Greenbook DéjàVu: Proposed Tax Increase on Wealthy
Society of Financial Service Professionals | May 23, 2023On March 9, 2023, the Biden Administration released its budget and tax proposals for FY 2024. Alongside the budget, the Treasury released its document further describing the revenue proposals in what is typically called the Greenbook....
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Relief for Reporting Required Minimum Distributions for IRAs for 2023
Society of Financial Service Professionals | May 23, 2023This notice provides guidance to financial institutions on reporting required minimum distributions (RMDs) for 2023....
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The Road Ahead: Vehicle and Related Credits from the Inflation Reduction Act
Society of Financial Service Professionals | June 16, 2023Many of the key tax pieces of the 2022 Inflation Reduction Act (IRA) involve revised or additional energy-related credits....
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Five Tax Strategies for Low-Basis Concentrated Stock
Society of Financial Service Professionals | August 31, 2023We look at what can be done with a concentrated position in low-basis stock. Options include selling the stock and getting capital-gains treatment, holding the stock until death and getting a stepped-up basis, gifting the stock to loved ones, swapping the stock via an exchange fund, and gifting the stock to charity. The pros and cons of each alternative are explored....
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Distribution of IRS Audits by Income and Race
Society of Financial Service Professionals | January 25, 2024Some in Congress have expressed concern about who is audited and how that has changed over time....
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