The Tax Professionals Blog
Highlights of Internal Revenue Bulletin 2024-51...
The IRS Bulletin 2024-51 brings key updates on the 1099-K reporting thresholds, CHIPS Act payments, advanced manufacturing investment and production credits, and recourse partnership liabilities.
Read MoreCapitalizing Property Taxes: What You Need to Know
Tax strategy tip: Capitalizing property taxes can boost your cost basis while addressing AMT and SALT limitations. Learn how this method works and its potential benefits.
Read MoreHighlights of Internal Revenue Bulletin 2024-50...
Key IRS updates in Bulletin 2024-50: Census disclosure rules, § 403(b) plan deadlines, exempt organization revocations, and income tax changes.
Read MoreExcess Deductions Upon Termination of a Trust
Confused about excess deductions from a terminated trust? Learn how beneficiaries can report these deductions on Schedule A, line 16, and navigate IRS rules like a pro.
Read MoreHighlights of Internal Revenue Bulletin 2024-49...
Stay updated with IRS Bulletin 2024-49! Learn about new interest rates for 2025, PCORTF fee adjustments, employee plan updates, and December federal rate tables.
Read MoreExtension Precautions
Filing a tax extension? In this article, discover how to properly estimate tax liability, meet deadlines, and avoid penalties. Ensure your Form 4868 is valid and penalty-free!
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