The IRS may need to hire a PR team to improve their image. As we reported in March, during a visit to the IRS campus in Philadelphia, IRS Commissioner Charles P. Rettig and Deputy Secretary of the Treasury Wally Adeyemo announced their plan to eliminate the IRS backlog in 2022. Last week, the Treasury Inspector […]
Part 2: Stock Portfolio Investments Last week, we noted that we saw a significant increase in the number of clients paying tax on capital gains with a focus on selling a primary residence. This week, we will focus on capital gains related to selling stock portfolio investments. Numerous media outlets reported stock portfolio investments hit […]
Part 1: Selling Your Principal Residence During tax season, we saw a significant increase in the number of clients paying tax on capital gains. Many stock portfolio investments hit record highs in 2021 which was the catalyst for many individuals to sell certain assets and for many funds to pay out significant capital gain distributions. […]
Expertise released their list of the Best Accountants in Philadelphia for 2022. Wouch Maloney CPAs and Business Advisors is proud to be listed in the Top 18. The goal for Expertise.com is to connect people with the best local experts. Philadelphia accountants are scored on more than 25 variables across five categories including: Availability Qualifications […]
The most recent issue of Contractor is now available. This month, the cover story focuses on infrastructure projects. In this article, a review of the bidding methods for federal contracts is provided. With the signing of the Infrastructure Investment and Jobs Act in late 2021, things are looking up for federal construction projects making it […]
Welcome to the April 2022 edition of Word to the Wise. We are in the last week of tax season and thought we would share some final “words to the wise” is this issue. Our feature article, Common April Tax Questions Answered, includes a Q&A format of four of the most frequently asked questions by […]
In this edition of our Valuation and Litigation newsletter, the feature article is about discounting majority interests. The article provides a detailed overview of a recent U.S. Tax Court case that addressed the valuation of majority interests in five real estate holding companies for estate tax purposes. Other articles include: Maginnis v. Maginnis: Court addresses […]
This week, proposed increases to corporate taxes and wealth taxes were announced by the White House. On Monday, the White House released the proposed budget of the U.S. Government for Fiscal Year 2023. While the proposed tax increases are targeted at billionaires and corporations, at this moment, keep in mind the budget items need to […]
Last week, the IRS released a reminder that all taxpayers, not just taxpayers who engaged in a transaction involving virtual currency, must answer the virtual currency question at the top of Form 1040, Form 1040-Sr and Form 1040-NR with a yes or no response. The question reads as follows: “At any time during 2021, did […]
On Thursday, March 10, 2022, Deputy Secretary of the Treasury Wally Adeyemo and IRS Commissioner Charles P. Rettig visited the Philadelphia IRS campus to deliver their plan to eliminate the IRS backlog in 2022. As we reported on January 12, 2022, the IRS had a backlog that included: Highlights of the plan In order to […]
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