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How To Link Tax Pro Accounts to CAF Database Records

Learn how the new Tax Pro account feature from the IRS streamlines tax client representation and authorizations, making life easier for tax practitioners. Discover the step-by-step process to link your CAF number, improving your efficiency and providing better services.

Taxability and Nontaxability of Social Security Benefits

Social Security is a critical stream of income for retirees, providing stability after years of paycheck contributions. The federal government taxes Social Security benefits to a certain extent, but each…

Understanding Deductible Expenses When Closing an Estate or Trust

The Tax Cuts and Jobs Act (TCJA) (§67(g) of TCJA, PL 115-97) eliminated miscellaneous itemized deductions for individuals during the TCJA period (2018-2025). These consisted primarily of the Schedule A…

IRS Announcements: State Tax Refunds and the General Welfare Exclusion

Discover the latest IRS notices regarding state tax refunds and their impact on income. Learn about the tax benefit rule, the general welfare exclusion, and how these updates affect tax returns for 2022 and beyond.

IRS Provides Temporary Relief from Foreign Tax Credit Changes

The IRS issued Notice 2023-55 on July 21, effectively allowing taxpayers temporary relief from the new provisions to the Foreign Tax Credit that were issued under Treasury Decision 9959. The…

Navigating the New Regulations for Inherited IRAs

Navigating the complexities of inherited IRAs, particularly in light of the shorter distribution periods of the SECURE Act, is akin to steering a vessel through foggy waters.