The IRS Dishonored Check or Other Form of Payment Penalty applies if you don’t have enough money in your bank account to cover the payment you made for the tax you owe. Learn more.
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The Inflation Reduction Act of 2022 (IRA), signed into law last August, included a wide variety of tax incentives for clean energy. Learn more.
For 2022, the lifetime gift and estate tax exemption has reached a whopping $12.06 million ($24.12 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there is no need to file gift tax returns? Not necessarily.
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 otherwise known as the “SECURE Act” was signed into law. This law made important changes to the requirements for retirement plan funding and distributions, as well as modifying other tax provisions including the kiddie tax rules.
On April 27, 2022, the IRS issued proposed regulations intended to provide additional clarity on the estate and gift tax “anti-clawback” provision adopted by the Service in late 2019. The proposed regulations would exclude certain lifetime gifts that are treated as includible in the donor’s gross estate from the favorable treatment provided by the anti-clawback rules.
As the 2022 legislative session came to a close, Georgia lawmakers finalized legislation (H.B. 1437) that will provide an anticipated $1 billion in individual taxpayer savings. The bill includes a change from Georgia’s current graduated income tax, where rates increase from 1 to 5.75 percent as income increases, to a flat tax rate that declines from 5.49 to 4.99 percent in 2029.
Thanks to a record state surplus, the holidays have come early for many individuals who file and pay Georgia income taxes. Georgia’s recently enacted Act 582 provides a one-time individual income tax refund for those taxpayers who filed income tax returns for tax years 2020 and 2021. The Georgia Department of Revenue will automatically issue a refund up to $250 for all single or married filing separately taxpayers, $375 for head of household filers and $500 for married filing jointly filers.
In November 2021, the IRS issued Revenue Procedure 2021-45, which provided inflation adjustments for tax provisions that will be applicable for the 2022 tax year. The IRS calculates these adjustments annually based on changes in the Chained Consumer Price Index.
The amount of people making money playing esports like Fortnight, League of Legends, Rocket League, Smite, Halo, CS:GO or content creating via Twitch, YouTube, Azubu, etc. continues to grow at an extraordinary pace. According to a recent article on dotesports.com, the payout for the top 50 streamers from August 2019 to October 2021 was around $1 million a year to $10 million a year.
Individuals who have retired may expect that their taxes will become simpler than they were prior to retirement, with little or no need for tax planning. While in some cases this may be true, often there are new and more complex issues that require careful consideration and consultation with advisors.
