“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, […] The post 2023 – 07/05 – That email or text from the IRS: It’s a scam! first appeared on Comiskey & Company, P.C ..read more

Recent reports have raised anew 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 politics and understandably so — the options for heading off insolvency will inevitably cause pain for significant segments of the population. Yet some in Congress […] The post Social Security’s future: The problem and the proposals first appeared on Comiskey & Company, P.C ..read more

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 plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the IRS will publish proposed regulations to clarify how a CV can qualify for the credit. […] The post IRS guidance coming regarding the IRA’s Clean Vehicle Credit first appeared on Comiskey & Company, P.C ..read more

President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and businesses. While most of these proposals stand little chance of enactment with a Republican […] The post President Biden’s proposed budget includes notable tax provisions first appeared on Comiskey & Company, P.C ..read more

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 in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts […] The post U.S. Supreme Court rules against the IRS on critical FBAR issue first appeared on Comiskey & Company, P.C ..read more

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 Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering retirement savings The original SECURE Act, […] The post Year-end spending package tackles retirement planning, conservation easements first appeared on Comiskey & Company, P.C ..read more

2022 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION It’s hard to believe we are already in the final quarter of 2022. As we begin looking forward to the possibilities of a new year, we believe it’s important to take a moment to look back and review 2022 for year-end tax planning opportunities. If you have […] The post 2022 Year-End Individual Tax Planning first appeared on Comiskey & Company, P.C ..read more

2022 YEAR-END INCOME TAX PLANNING FOR BUSINESSES INTRODUCTION It’s hard to believe we are already nearing the end of 2022. As we begin looking forward to the possibilities of a new year, it’s important to take a moment to look back and review 2022 for possible tax planning opportunities for your business. If you have […] The post 2022 Year-End Business Tax Planning first appeared on Comiskey & Company, P.C ..read more

It’s been a tumultuous year for many businesses, and the current economic climate promises more uncertainty for the short term, if not longer. Regardless of how your company has fared so far in 2022, there’s still time to make moves that may reduce your federal tax liability. Read on for some strategies worth your consideration. […] The post Act now to reduce your business’s 2022 tax bill first appeared on Comiskey & Company, P.C ..read more