Are you due for a refund from the 2019 tax year? You must submit a 2019 tax return by July 17, 2023, to receive your refund. According to the IRS, almost $1.5 billion in...
The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit. However, recently proposed IRS regulations effectively limit the number of CVs eligible for the credit due to strict sourcing...
For 2023, the Social Security wage base notably increased by $13,200, to $160,200. (Wages and self-employment income above the threshold aren’t subject to the 6.2% Social Security tax.) For 2024, the Social Security Administration’s...
With tax day approaching, the IRS is reminding individuals that they have until April 18, 2023, to make 2022 contributions to a traditional or Roth IRA. Another reminder: Taxpayers in plans including 401(k)s and...
The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen...
If you make estimated tax payments, be aware that April 18 isn’t just the 2022 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2023. Estimated tax payments are...
Many people are confused about the difference between certified public accountants (CPAs) and tax accountants, which are both professions in the financial world that commonly deal with tax returns. You may have even used...
The IRS has issued proposed regulations for the new clean vehicle tax credit, which was part of the Inflation Reduction Act. The maximum credit is $7,500 per vehicle placed in service on or after...
Continuing its annual “Dirty Dozen” campaign, the IRS warns taxpayers of “potentially abusive” tax arrangements. In these scams, legitimate tax planning tools such as Charitable Remainder Annuity Trusts (CRATs) and monetized installment sales are...
Do you own nonfungible tokens (NFTs)? If so, you need to know that the IRS intends to treat certain NFTs as collectibles for tax purposes. According to the IRS, an NFT is a unique...