Tax

A lucrative deduction for luxury vehicles used at least half the time for business will start tapering come 2023.

"ERC mills" are encouraging applications for the tax credit from businesses that may not qualify for the pandemic relief program.

Recent cost-of-living adjustments have made waiting to claim the benefit more lucrative.

Inflation adjustments to tax brackets mean many Americans will owe less money to the IRS. But persistent inflation may erode the boost.

A new tax form for 2022 returns that will be filed next year clarifies how investors should report digital assets.

More than 60 tax provisions are going up, according to Rev. Proc. 2022-38.

But success depends on the outcome of the November midterm election, with a resounding win for one party likely inhibiting any compromise before a new Congress swings into action.

An IRS proposal has spawned confusion about whether non-spousal heirs to Roth plans need to take RMDs before draining the accounts after 10 years.

Florida, Texas and Arizona are the top destinations; the first two have no income tax, and the third is moving to a flat rate soon.

Advisors are telling recipients not to get used to such large adjustments.

Ignore the stigma of borrowing from your retirement plan — a life raft for cash crunches — but be aware of the rules.

Beneficiaries won't get hit with a 50% penalty for not making withdrawals in 2021 and 2022 — an unexpected move by the IRS. But questions still remain.

New rules on "portability" mean that a surviving spouse can lock in her deceased partner's exclusion years after exemption levels decrease come 2026.

A dual Romanian-U.S. citizen has been fighting an IRS contention that he owes $2.7 million for failing to submit FBAR forms.

Sheldon Whitehouse, D-Rhode Island, and Roger Wicker, R-Mississippi, introduced bipartisan legislation to put more responsibility on accountants and other financial professionals to safeguard against money laundering and other crimes.

Donor-advised funds, favored by rich businessmen and celebrities, rack up tax benefits while delaying charitable giving.

Some favorite techniques used by the wealthy in recent years aren't looking so good amid higher interest rates.

Federal investigators are uncovering billions of dollars in fraud tied to pandemic relief programs.

ERC "mills" have come out of the woodwork to lure small business owners into taking a lucrative tax credit they don't qualify for. Here's what advisors need to know.

Taxpayers are concerned the extra $80 billion will lead to more tax audits.