IRS releases fact sheet regarding residential energy credits
A recent IRS fact sheet explains tax credits for energy efficient home improvements residential energy property.
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Key takeaways for employers under the SECURE 2.0 Act of 2022
SECURE 2.0 Act significantly changes the tax rules governing qualified retirement plans and individual retirement accounts (IRAs).
IRS makes statements on CARES Act Employee Retention Tax Credit risks
On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
IRS releases 2023 tax inflation adjustments
IRS releases inflation adjustments for 2023. Inflation adjustments impact individual tax brackets and other various provisions of the Code.
The new corporate minimum tax: overview and highlights
The Inflation Reduction Act of 2022 imposed a new 15% alternative minimum tax on large corporations. Notably, the tax is based on a corporation’s financial statement income (with adjustments).
IRS increases mileage rates for the remainder of 2022
The IRS provides some relief amid rising gas prices with an optional increase to the standard mileage rate for business travel.
Reminder – S corporation shareholder basis reporting requirements must not go overlooked
How will the new Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, impact tax filings for family offices and other taxpayers?
An update on the tax policy landscape against inflation backdrop
The tax policy landscape in Washington remains unsettled as we approach the summer months, while inflation remains the dominant economic issue. Within the context, we look at what's currently on the legislative agenda for Congress.
Executive Order provides path to regulation of digital assets
Executive Order provides an outline for next steps related to guidance and regulation in the digital asset space.
Business connecting lease parties not qualified under section 1202
IRS: Website that connects lessors to lessees is a “brokerage service,” shareholder not eligible for section 1202 capital gain exclusion.
Smile! New IRS identity verification process requires a selfie
The IRS is tackling identity theft by using ID.me verification technology to guard access to online services.
Congress open to considering a pause on automated tax notices
National Taxpayer Advocate, Erin Collins, recommends the IRS pause automated collection notices. Congress may consider the recommendation.
National Taxpayer Advocate provides 2021 annual report to Congress
The Taxpayer Advocate Service highlighted 10 major IRS problems affecting taxpayers and made several recommendations to mitigate the issues.
House passes infrastructure legislation; sends bill to President Biden
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
The IRS hired more than 1,000 new assisters to staff phone lines
The IRS foresees better phone service for taxpayers by hiring more than 1,000 new phone assisters across all call lines.
Ways and Means proposed IRA changes – what to keep an eye on
Several provisions would tighten IRA rules for high-income individuals, and some other changes apply regardless of income level.