Monthly Archives: November 2021

Year-end giving reminder: Special tax deduction helps most people give up to $600 to charity, even if they don’t itemize

The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take … Continue reading

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Common tax scams and tips to help taxpayers avoid them

In recent years, tax schemes and scams have been on the rise. Con artists work year-round which means taxpayers must remain vigilant to avoid being victimized. Here are some tips to help people recognize and avoid some of the most … Continue reading

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Teachers can deduct out-of-pocket classroom expenses including COVID-19 protective items

Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can add … Continue reading

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Ex-chief Legal Officer of Law Firm LeClairRyan Gets 44 Months in Prison

The Justice Department said yesterday that Bruce Matson, the former chief legal officer at now-defunct law firm LeClairRyan, has been sentenced to 44 months in prison after pleading guilty in July to obstructing a federal probe. U.S. District Judge John … Continue reading

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IRS resources help taxpayers determine if an offer in compromise is the right way to resolve tax debt

Individual taxpayers and business owners can use the IRS’s Offer in Compromise Booklet or the new how-to video series to learn how an offer in compromise works and decide if it could help them resolve their tax debt. Taxpayer’s can … Continue reading

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AMC Insiders Have Unloaded $70 Million of Stock This Year

AMC Entertainment Holdings Inc. has surged almost 20-fold this year after thousands of retail investors piled in to defend the stock against short sellers looking to profit from its decline. Executives and board members at the movie theater chain have … Continue reading

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Florida Man Gets 6 Month Sentence for COVID Relief Fraud

A Florida man who lied to get a low-interest COVID-19 relief loan has been sentenced to six months in federal prison. Willy Curry pleaded guilty in August to wire fraud in connection with his fraudulent application to the U.S. Small … Continue reading

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Judge Barnes Tells Gamblers What Records to Keep to Win a Discharge in Bankruptcy

Anyone who gambles incessantly risks bankruptcy and the denial of discharge without adequate documentation of gambling losses. Bankruptcy Judge Timothy A. Barnes of Chicago wrote an opinion listing records that gamblers should keep to avoid having their discharges denied under … Continue reading

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The tax responsibilities that come with shutting down a business

There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax … Continue reading

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IRS announces 401(k) limit increases to $20,500

The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of thecost of … Continue reading

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