The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it...

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The IRS has extended the deadlines for amending a retirement plan or individual retirement arrangement to reflect recent legislation, including the SECURE Act and the CARES Act. The extended amendment deadline is Dec. 31,...

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As truckers roll down the road, a tax deadline is rolling up fast on them. Aug. 31 is the due date for the owners of most heavy highway vehicles to file their annual IRS...

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Can you spot a fake IRS employee? Many people tremble at the thought of hearing from the IRS. That fear can make them vulnerable to scams that seek to steal their assets or identities....

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Is your hobby actually a business? It’s an important question because although you must report hobby income on your tax return, hobby expenses aren’t currently deductible. In general, an activity is considered a business...

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If you’re one of the estimated 19 million taxpayers who’ve requested an extension to file their 2021 tax return, the filing deadline is Oct. 17. The IRS is reminding those taxpayers that they don’t...

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Students and staff at educational institutions, beware. An IRS impersonation scam continues to target schools, including people with “.edu” email addresses. This applies to public, private, and nonprofit schools. The suspect emails display the...

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Toyota is the latest auto manufacturer to sell enough plug-in electric vehicles (EVs) to trigger a gradual phaseout of federal tax incentives for specified models sold in the U.S., joining Tesla and General Motors....

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There are several tax incentives for owning residential real estate. For example, eligible taxpayers can claim home mortgage interest deductions and property tax deductions. If eligible, they can also exclude from gross income up...

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The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus...

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