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Tax scrutiny: Should clients worry about the IRS’s bigger budget?

Posted on May 8, 2023May 2, 2023 by Jessie Gunn

A major portion of the $80 billion scheduled to be invested in Internal Revenue Service upgrades is earmarked to “increase tax compliance among wealthy taxpayers and businesses,” according to the IRS’s plan. Indeed, the IRS is investing upwards of $47 billion toward enforcement efforts, an amount that towers over the next-largest item on its spending plan, which is just over $12 billion slated for technology enhancements.

Little doubt remains that your high income-earning clients can expect more oversight and less room for error. This reality is of concern to attorneys, accountants, and financial advisors who are responsible for helping their clients adhere to the tax laws with integrity.

Retirement plans to charity: Understanding the “trifecta” of tax benefits

Posted on May 1, 2023May 2, 2023 by Jessie Gunn

Over the last few months, many advisors have noticed an uptick in client inquiries about leaving their IRAs and other retirement plans to charity. If you’re wondering why, it likely has a lot to do with the buzz about Qualified Charitable Distributions, which allow those who’ve reached the age of 70 ½ to direct up to $100,000 annually to qualified charities (such as a designated or field-of-interest fund at the community foundation), avoiding both the need for an RMD (if they’ve reached age 73) and the income tax hit.

Tax tips to keep you on your toes

Posted on April 17, 2023April 3, 2023 by Jessie Gunn

Charitable deductions and the vehicles that generate them continue to land on the IRS’s radar.

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