New Trust Reporting Tax Regulations for 2024

The recent CRA announcement regarding new filing requirements for trusts could have significant implications for many Canadians, particularly concerning bare trusts. Bare trusts involve legal ownership held by one individual for the... Read more »

You can still lower your tax bill with a ‘spousal IRA’ contribution

10’000 Hours | Digitalvision | Getty Images There’s still time to lower your 2023 tax bill or boost your refund with a lesser-known retirement savings strategy for married couples. One requirement for... Read more »

Here’s the tax bill for the winning $1.128B Mega Millions ticket

Xavier Lorenzo | Moment | Getty Images There is officially one winner for the $1.128 billion Mega Millions jackpot — and the taxman will take a sizable share, experts say. A single... Read more »

How to avoid ‘ghost preparers’ and other tax scams as deadline nears

As the April 15 federal tax deadline draws near, most taxpayers have less than two weeks to submit their 2023 individual tax return or file an extension — but for scammers, that’s... Read more »

Here are 3 key things to know before filing your 2023 tax return

The federal tax deadline is officially one month away for most filers — and experts say there are some key things to know this season. As of March 1, the IRS received... Read more »

Biden’s billionaire tax hits the super-rich. Can a wealth tax work?

Calls for a wealth tax on the world’s super-rich are once again gaining attention after U.S. President Joe Biden said he would impose a new “billionaire tax” on the country’s wealthiest if... Read more »

Stop a Massive Tax Hike

Add your name to the petition to stop the massive tax hike on small businesses. Small businesses will face a massive tax increase in 2025 if Congress fails to act. Three out... Read more »

Here’s who qualifies for free tax filing through the IRS this season

Artistgndphotography | E+ | Getty Images Estimated state-by-state eligibility The Treasury estimates that 19 million taxpayers may be eligible to use Direct File this season, with the following breakdown in each pilot... Read more »

How 4 Tax Credits Could Cover 100% of Your Company’s 401(k) Plan Costs for the First Three Years

This article’s co-author is Aras Kolya, Chief Revenue Officer, Guideline If you’re a business owner looking for ways to attract new talent and improve retention, offering a retirement benefit like a 401(k) can be... Read more »

The Best Countries for Expats, With Low Tax and High Quality of Life

The UK announced Wednesday that it would scrap its non-dom status, which allows people who live there but have permanent residency abroad to avoid taxes on their foreign assets for 15 years.... Read more »

President Biden floats $10,000 first-time homebuyers tax credit

Cavan Images | Cavan | Getty Images President Joe Biden has floated plans to address the country’s affordable housing issues, including new tax breaks for first-time homebuyers and “starter home” sellers. However,... Read more »

UK Budget 2024: Will High Earners Benefit From Property Tax, Non-Dom Changes?

UK Chancellor of the Exchequer Jeremy Hunt is looking to deliver tax cuts while keeping inflation tamed. The plans, announced in the budget Wednesday, come as his party wants to attract voters... Read more »

Tax pros brace for ‘tidal wave’ of crypto tax scrutiny from IRS

Shannonstent | E+ | Getty Images As the IRS bolsters its cryptocurrency expertise, tax professionals are bracing for increased scrutiny of digital currency.  Digital assets are one of the agency’s “priority areas,”... Read more »

Tax evasion by wealthiest Americans tops $150 billion a year: IRS

The nation’s millionaires and billionaires are evading more than $150 billion a year in taxes, adding to growing government deficits and creating a “lack of fairness” in the tax system, according to... Read more »

Register Today for the 6th Annual NFIB/ITR Small Business Day Tax Luncheon!

You’re invited to participate in the 6th annual NFIB/Iowans for Tax Relief (ITR) Small Business Day Tax Luncheon. On March 20, you’re invited to join us for the 6th annual NFIB/ITR Small... Read more »

IRS weighs ‘audit selection algorithm’ changes for low-income tax credit

IRS Commissioner Danny Werfel speaks at a Senate Finance Committee hearing in Washington, D.C., on April 19, 2023. Al Drago | Bloomberg | Getty Images After vowing in September to “substantially” reduce... Read more »

Here are some of the top red flags for an IRS audit, tax pros say

Image Source | Image Source | Getty Images As Americans file returns this season, some worry about IRS audits amid agency efforts to ramp up service, technology and enforcement. Recent IRS enforcement... Read more »

READ: Iowa’s Historic Tax Reform Opportunity

“Gov. Reynolds and the Republican legislature […] both have introduced prudent tax reform plans that will benefit all taxpayers.” CEDAR RAPIDS (Feb. 12, 2024) – In an op-ed for The Gazette, NFIB... Read more »

The average tax refund is almost 29% lower this tax season, IRS reports

Artistgndphotography | E+ | Getty Images With tax season in full swing, the IRS has issued more than 2.6 million refunds worth about $3.65 billion, as of Feb. 2, the agency reported... Read more »