Featured Articles & Tax Tips Blog
Welcome to the CPA Advisory Group’s Featured Articles Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to [email protected]. Enjoy the articles and subscribe to our newsletter for periodic email updates.
Welcome to Identity Theft Awareness Week 2024
From the Federal Trade Commission — By Colleen Tressler — You’ve probably heard about identity theft, but have you heard about Identity Theft Awareness week? That’s when the FTC and its partners host free podcasts, webinars, Facebook Live interviews, and other...
Child Tax Credits Could Be Expanded Under Bipartisan Deal
From Barron's — By Elizabeth O’Brien — Lawmakers are aiming to significantly reduce child poverty with a new bipartisan proposal that would expand child tax credits. From Barron's — By Elizabeth O’Brien — Lawmakers are aiming to significantly reduce child...
The hidden consequences of not filing your taxes
From Forbes — By Jessica Ledingham, J.D., LL.M. — As tax season opens, millions of Americans are experiencing anxiety. The dreaded fear of owing money to Uncle Sam can be overwhelming, leading some to delay or completely disregard filing their taxes. You might...
Name Image and Likeness, Name Image Likeness, NIL, NIL education, NIL Financial Literacy, Watch out for this rude surprise from Medicare
From Barron’s — By Elizabeth O’Brien — Planning for your Medicare premiums isn’t on most preretirement checklists, but it’s an important consideration for those with higher incomes. Your Medicare premium for a given year is based on your income from two years...
‘BOI’ reporting requirement has arrived for businesses
Dear Clients, Starting Jan. 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act ("CTA”). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of...
Seven ways retirement will be different in 2024
From AARP — By Andy Markowitz — How changes in Social Security, Medicare, taxes and more will affect your finances For most people, retirement finance is a delicate balance between income that’s likely less than what you made while working and expenses that may be...
Tax season ahead: IRS warns of scams by email, text, phone
From the IRS — To wrap up National Tax Security Awareness Week, the Internal Revenue Service and the Security Summit partners earlier this month reminded taxpayers and tax professionals to stay alert against emerging scams during the upcoming filing season and...
Why Biden’s EV tax credit could become hard to claim
From the Wall Street Journal — By Scott Patterson and Andrew Duehren — The Biden administration hopes to use generous tax credits to boost electric-vehicle sales and push automakers away from Chinese suppliers. A key material in EV batteries shows why it is proving...
Retirees have to pay taxes, too. 6 smart ways to reduce them
From Barron's — By Jonathan I. Shenkman — The core focus of retirement planning is on the accumulation of assets to live out one’s golden years. This includes regularly contributing to retirement accounts and investing those funds appropriately. Although this is...
IRS, Treasury propose rules for renewable energy tax credits
From Kiplinger Personal Finance — By Michael Cohn — The Treasury Department and the Internal Revenue Service issued proposed regulations to update the investment tax credit rules to encompass various forms of renewable energy. The proposed regulations, which...
The extra standard deduction for people age 65 and older
From Kiplinger Personal Finance — By Kelley R. Taylor — You’ve probably heard about the standard deduction, but did you know that the tax code offers a perk in the form of an extra standard deduction for people aged 65 or older? For eligible older adult filers, the...
IRS Wins $109 million court case, defeats ‘Project Soy’ maneuver
From the Wall Street Journal – By Richard Rubin – The Internal Revenue Service won a $109 million victory in federal court this week that will help the tax agency combat aggressive corporate tax maneuvers and collect more money from other companies. From the...