Taxes

As an attorney that assists clients with audits, I see simple mistakes turn into huge problems. If you own a small business, you must follow record-keeping rules and if for no reason at all it is to save on attorney fees during an audit. I receive numerous questions in connection with an audit, including the

In the ever-evolving landscape of philanthropy, charities must adapt to new technologies to better engage with donors and support their missions. A recent addition to the toolkit is ChatGPT. Powered by advances in artificial intelligence and natural language processing, it is poised to revolutionize how charities assist donors in making effective giving decisions. Personalize Donor

Effective January 1, 2023 if you are age 70-1/2 or older, you can distribute up to $50,000 from your traditional IRA directly into a charitable remainder trust or gift annuity. The distribution will be excluded from your income, but if you are age 73 or older it will nonetheless count toward your Required Minimum Distribution.

The frustration of business owners with their federal income tax payments is palpable. Though no major tax legislation has recently been passed, federal income tax payments are increasing dramatically. With rising inflation, workforce shortages, and supply chain woes, businesses are coming face to face with the prospects of retraction and survival versus expansion and entrepreneurship.

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike examine the looming debt ceiling crisis and its likely effect on the IRS’s budget, all in five minutes. This transcript has been edited for length and clarity. Robert Goulder: You’ve heard the news by now: The federal government is just weeks away from hitting the