November 2024

The outcome of the November 5 election is likely to significantly impact taxes. Many provisions in President-elect Donald Trump’s signature tax legislation from his first time in the White House, the Tax Cuts and Jobs Act (TCJA), are scheduled to expire […]

The IRS has issued its 2025 inflation-adjusted contribution amounts for retirement plans in Notice 2024-80. Many retirement-plan-related limits will increase for 2025 — but less than in prior years. Thus, depending on the type of plan you have, you may have […]

Gambling winnings are taxable It's fun to win money, but don't forget, it is also taxable. But a recent report by the Treasury Inspector General for Tax Administration (TIGTA) found many taxpayers with gambling income didn't file tax returns. This […]

Identity theft can have a significant impact, especially when it involves children. Cybercriminals target the identities of children because they have unblemished credit histories that tend to be infrequently reviewed. That means a fraud may go undetected for years, often until […]

The IRS recently announced the launch of a new multistage regulatory initiative intended to close what it calls a "major tax loophole exploited by large, complex partnerships." The IRS's actions are prompted by its belief that some partnerships are using transactions […]

The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024 but not as much as in the […]