Taxes
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More Rich Americans Will Soon Be Hit With an IRS Audit, Werfel Pledges
EV Makers Win Two-Year Extension to Qualify for Tax Credits
2024 Guide to State Sales Tax Holidays
Hawaii to Offer Tax Amnesty to Switch Short Term Rentals to Long Term
The IRS and Gambling – The Tax Blotter – June 16, 2023
Taxpayers can claim a limited deduction for gambling losses, but the IRS keeps close tabs on these write-offs.
WISP Required! Key Components in Your Firm’s Written Information Security Plan
While primarily targeted at companies maintaining more than 5,000 client records (think tax returns), certain safeguard components are required for firms with fewer than 5,000 records.
IRS, Treasury Issue Proposed Guidance on Monetization Options for Energy Tax Credits
The proposed rules released on June 14 focus on elective pay and transferability of credits under the Inflation Reduction Act.
IRS Clarifies Elective Payment Rules for Semiconductor Chips Tax Credit
The CHIPS Act allows eligible taxpayers to make an election to treat the credit as a payment against federal income tax.
Redefining Success: What It Looks Like When Growth Isn’t the Top Priority
A lifestyle accounting firm emphasizes the personal lives of their employees in a way that focuses on balance, which may look different from a firm where scaling financial growth is the main priority.
When to Make Nondeductible IRA Contributions
When should you begin to make nondeductible contributions to your IRA?
AICPA Supports Changing Requirements to Form 1099-K Reporting Threshold
For many months, the American Institute of CPAs (AICPA) has expressed its concerns regarding the lowered Form 1099-K reporting threshold
Tax Curve Ahead for Business Vehicle Owners
Make sure you keep business use above the 50% level. In addition, maintain all the driving records required by the IRS.