Virtual Currency Lands in the IRS’s Crosshairs
June 29, 2023
While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out … Continued
What’s in the Fiscal Responsibility Act?
June 15, 2023
President Biden signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends — as … Continued
Social Security’s Future: The Current Situation & Potential Solutions
May 25, 2023
Recent reports have raised new concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third rail” of American … Continued
IRS guidance coming regarding the IRA’s Clean Vehicle Credit
April 25, 2023
The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include … Continued
U.S. Supreme Court Rules Against the IRS on Critical FBAR Issue
March 20, 2023
The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling … Continued
Reading the Tea Leaves: Potential Tax Legislation in the New Congress
February 16, 2023
The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it remains to be seen if — and … Continued
Year-end Spending Package Tackles Retirement Planning, Conservation Easements
January 04, 2023
On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting … Continued
Reminder: Two New Accounting Standard Updates Take Effect
December 28, 2022
As the end of year approaches, we want to remind organizations of two new accounting standard updates that are effective for calendar year 2022. Leases (Topic 842) – ASU 2016-02 … Continued
2022 Year End Business Tax Update
December 16, 2022
Enjoy our latest BLS Video Update where Karly Laughlin, CPA, Mike Kelly, CPA and Valerie Middlebrooks, CPA discuss 2022 Business Tax Updates. Topics include The Inflation Reduction Act of 2022 … Continued
2022 Year End Individual Tax Update
December 15, 2022
Enjoy our latest BLS Video Update where Karly Laughlin, CPA, Mike Kelly, CPA and Valerie Middlebrooks, CPA discuss 2022 Individual Tax Updates. Topics include Inflation Adjustments (0:39-3:58) The Inflation Reduction … Continued