Taxes June 14, 2023
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.
Taxes June 14, 2023
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.
Taxes June 14, 2023
When to Make Nondeductible IRA Contributions
When should you begin to make nondeductible contributions to your IRA?
Taxes June 14, 2023
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
Taxes June 14, 2023
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.
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Taxes June 13, 2023
Foreign Intrigue on Taxable Income
A self-employed individual may claim the foreign earned income exclusion on foreign earned self-employment income.
Small Business June 13, 2023
Business Owners’ ERC Payouts Could Take Up to 160 Days, IRS Says
Small business owners are seeing delays drag out for months for the employee retention credit tax claims they've submitted.
Taxes June 13, 2023
IRS is Going After NIL Collectives’ Tax-Exempt Donations
An IRS memo says the name, image and likeness benefits provided to college athletes serve their private interests, not the public's interests.
Taxes June 12, 2023
Corporations Get a Reprieve From the IRS on New CAMT
The IRS waived penalties for corporations that didn't pay their estimated tax liability under the corporate alternative minimum tax.
Taxes June 9, 2023
AICPA Expresses Strong Support for Bicameral Disaster Tax Relief Legislation
The process for receiving tax filing relief from the IRS during a natural disaster can be overwhelming.
Taxes June 8, 2023
U.S., U.K. Begin Talks on Critical Minerals Agreement for EV Tax Credits
A critical minerals trade deal would allow U.K. businesses to benefit from incentives passed through the Inflation Reduction Act.
Small Business June 8, 2023
House Ways and Means Passes Bill on Easing ACA Reporting Requirements
The Employer Reporting Improvement Act would make it easier for businesses to comply with the Affordable Care Act.