On June 9 the House released three bills with both business and individual tax provisions, including the extension of expired incentives from the 2017 tax bill and a new short-term bonus standard d
The IRS' automated notice issuance system sent most California taxpayers letters saying that they had missed their filing deadline and owed the U.S. Treasury.
Money put into a 529 grows tax-free at federal and state levels. There is no federal tax advantage for the contributions, but some states do offer tax breaks.
The law provided for a longer starting age for required minimum distributions (RMDs) to age 73, effective January 1, 2023. The starting age will jump to 75 effective January 1, 2033.
In Bass, TC Memo 2023-41, 3/27/23, the court upheld the requirement for an independent appraisal if the non-cash donation exceeds $5,000 and how that is defined.