NOVEMBER 2023
Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs.  Please contact us if you have questions about any of the issues discussed.

Previous Issue

 

Many Americans receive disability income, and the question is often asked: Is it taxable? The short answer is: That depends on who paid for it. This article details how and when taxes may apply. A sidebar discusses how much disability coverage an individual may need.


This brief article highlights how businesses may be able to secure bad debt deductions. This tax treatment isn’t automatic. A business must be able to show that the debt in question is worthless. The article explains the ins and outs of claiming a business bad debt for 2023.


Taxpayers who have IRAs and Health Savings Accounts (HSAs) can transfer funds directly from their IRAs to their HSAs, under certain conditions. This is a once-in-a-lifetime transfer, without penalties or taxes, intended to help taxpayers who are hit with high medical bills that exceed the balance in their HSAs.


For charitable donations of cash and property to be deductible, they must meet certain IRS criteria. This short article discusses some of the basic rules and explains how to determine if the charity is a qualified charitable organization.





Important Information: The information contained in this newsletter was not intended or written to be used and cannot be used for the purpose of (1) avoiding tax—related penalties prescribed by the Internal Revenue Code or (2) promoting or marketing any tax—related matter addressed herein.

The Tax and Business Alert is designed to provide accurate information regarding the subject matter covered. However, before completing any significant transactions based on the information contained herein, please contact us for advice on how the information applies in your specific situation. Tax and Business Alert is a trademark used herein under license. © Copyright 2023.