Tax & Money Tips

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Lawmakers Propose Sweeping Tax Cut Plan for Low-Income Filers in Connecticut

Bailey Scarano Blog, Tax & Money Tips / By

In April, Connecticut lawmakers proposed a comprehensive tax cut plan that could have a significant impact on the lives of low-income residents, especially those living in neglected neighborhoods. The proposed plan includes income tax cuts for all CT residents and a three-year exemption for some residents of “high poverty” census tracts. The tax exemption is […]

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IRS Urged to Focus on Customer Service with New Funds

Bailey Scarano Blog, Tax & Money Tips / By

What do you do if you are suddenly giving a substantial budget increase? The American Institute of CPAs (AICPA) thinks the IRS should focus more on taxpayer service. In a letter to the Internal Revenue Service (IRS) and the Department of the Treasury, the AICPA is urging the IRS to place greater emphasis on taxpayer

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AICPA Requests Tax Treatment Guidance for Digital Asset Losses

Bailey Scarano Blog, Tax & Money Tips / By

The Internal Revenue Service (IRS) has been urged by the American Institute of CPAs (AICPA) to provide guidance regarding the tax implications of digital asset losses. In a statement, AICPA Director for Tax Policy & Advocacy, Eileen Sherr, said, “With the complexities and recent bankruptcies involved with digital asset exchanges, taxpayers and practitioners are facing

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Watch Out for Tax Avoidance Schemes Aimed at High Earners

Bailey Scarano Blog, Tax & Money Tips / By

The IRS has identified abusive tax avoidance schemes as one of the “Dirty Dozen” scams and schemes that taxpayers and tax professionals should watch out for. These schemes are primarily aimed at high-income individuals who want to reduce or eliminate their tax obligations. To avoid falling prey to these schemes, the IRS advises taxpayers to

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Electronic Filing Regulations Issued

Bailey Scarano Blog, Tax & Money Tips / By

The IRS has issued final regulations regarding electronic filing (e-filing) of certain returns and documents. The regulations apply to those who must file returns for partnerships, corporations, unrelated business income tax, withholding, excise taxes, as well as information returns, disclosure statements, and other documents. The electronic filing requirements generally take effect for applicable returns and

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Biden Requests 15% Increase in IRS Budget

Bailey Scarano Blog, Tax & Money Tips / By

The White House has proposed a 15 percent increase in the Internal Revenue Service’s (IRS) budget for Fiscal Year 2024. The proposed increase would give the agency $16.3 billion in discretionary budget authority, with most of the funds directed towards enhancing customer service and outreach to underserved communities. The IRS budget includes a $642 million

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IRS Allocates $10 Billion in Credits for Advanced Energy Projects

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently announced it is allocating $10 billion of credits for qualified investments in eligible advanced energy projects. A minimum of $4 billion of these credits may be allocated only to projects located in certain areas. The guidance announcing the program also: Defines the meaning of qualifying advanced energy project, specified advanced energy property, eligible property, the placed in service

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Electronically-Filed Amended Returns Can Now Get Direct Deposited Refunds

Bailey Scarano Blog, Tax & Money Tips / By

The IRS has made an announcement that taxpayers who electronically file their Form 1040-X, the Amended U.S Individual Income Tax Return, will now have the option to choose direct deposit for any resulting refund. This is a new development as taxpayers were previously required to wait for a paper check, which added more time to

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Tax Status of State Special Payments Clarified

Bailey Scarano Blog, Tax & Money Tips / By

The IRS has issued clarification regarding the federal tax status of special payments made by 21 states in 2022. Taxpayers in many of these states will not be required to report these payments on their 2022 tax returns. Disaster Relief & General Welfare Payments Payments made for the promotion of general welfare or as disaster

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