The end of 2023 is rapidly approaching, and we know everyone has about a million things to keep track of and check off their ‘to-do’ lists. We have compiled the following list of year-end tax items that are easy to overlook during the craziness of December, but important to start thinking about before the new year. Hopefully this will serve as a reminder, and possibly a checklist, to make your life easier and optimize tax outcomes.

The IRS released Notice 2023-63 offering additional guidance on the treatment of Section 174 specified research or experimental expenditures. This guidance is applicable to tax years ending after September 8, 2023. Taxpayers are not required to immediately follow the guidance provided by the notice but can choose to if all rules of the interim guidance are met.

The “Dirty Dozen” is a list compiled annually by the IRS that features the most common scams used to prey on taxpayers as well as scams devised for tax evasion.

Trends indicate that taxpayers should be most wary of scams during tax season, however, they could happen at any time and people should be on the lookout all year long. Those who fall victim to these scams are subject to losing money, sensitive personal information, or even having their identities stolen.

For more than two decades, the IRS has published a list known as “The Dirty Dozen” with the goal of raising awareness of tax-related scams and fraud schemes for both taxpayers and tax professionals.  The list is not all-inclusive, but rather changes and evolves from year to year to include what the IRS deems to be the most serious and pervasive fraud methods and occurrences of that time.  Many tax fraud schemes and methods, such as the impersonation of charitable organizations, phishing, identity theft, and return preparer fraud first appeared over a decade ago and have ma

It is that time of the year again- tax time. Eagerly you gather all of the year's tax information with one goal in mind: the timely filing of your tax return. With all of your "i's" dotted and your "t's" crossed you submit your tax return and then you wait. And you wait. And then you wait some more. Something seems wrong, should it be taking this long for my tax return to get processed, you might be wondering. Did something go wrong? What do I do next?