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There’s an art tax scam circulating, and the IRS says high-income taxpayers are most at risk. The IRS is warning against a tax scam involving frivolous art donation tax deductions, where promoters promise “too good to be true” art values. Unlike some other tax scams that the IRS warns taxpayers about, this art scam specifically targets high-income taxpayers. The warning comes as the IRS ramps up enforcement on high-income earners including millionaires and “tax cheats.” IRS audits of questionabl

Feeling generous? Vera Vita/Moment via Getty ImagesThe Research Brief is a short take about interesting academic work. The big idea When people feel happier, they’re more likely to donate to charity. That’s what we, two economists who study what motivates environmentally conscientious consumption and support for free services, found in a new study published in The Economic Journal. To conduct this research, we analyzed tweets from over 20,000 Twitter users who used the hashtag “#iloveWikipedia.”

Investors who chafe at having to take required minimum distributions (RMDs) each year have a new tool to help them reduce the tax bite of these withdrawals – and provide retirement income for life. A financial advisor can help you … Continue reading → The post New RMD Rules Let You Turn Charitable Donations Into Retirement Income for Life appeared first on SmartAsset Blog.

May 25, 2023- The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing...