The Internal Revenue Service (IRS) has announced that it is proposing new regulations that would allow taxpayers to pay their taxes using credit cards or debit cards. These proposed changes are based on provisions of the Trump-era Taxpayer First Act, which became law in July 2019. The goal of the Taxpayer First Act was to turn the IRS into a more taxpayer-friendly agency.
The IRS is cracking down on more tax cheats this year but they don't enforce this standard on thousands of their own employees.
Crowdfunding has become a very popular way for individuals to raise capital. It typically involves funding a project or venture by raising contributions from a large number of people, typically through online crowdfunding sites. Crowdfunding campaigns fund a broad range of projects, from producing a product or new technology to supporting a charitable cause. Those supporting a product using can buy the product at a reduced price.
The Inflation Reduction Act created the corporate AMT, which imposes a 15% minimum tax based on book income rather than taxable income on corporations with adjusted financial statement income (AFSI) of more than $1 billion beginning after Dec. 31, 2022. The Treasury Department estimates that approximately 100 of the largest U.S. corporations will pay the corporate AMT annually.
One of the biggest tax pains in the last two decades in the tax preparation world has been when two separated or divorced parents both try to claim the same child - regardless of who had the right to. You see, the IRS doesn't care what a separation or divorce decree says. They got tired of reading them to make determinations. So they came us with the custodial parent rules.