Taxes June 15, 2023
Key In on Improved Home Energy Credits
The IRS is reminding taxpayers that they may qualify for expanded home energy credits in 2023 (IR-2023-97, 5/4/23) There are two types of credits.
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
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
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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.
Sales Tax June 13, 2023
Survey Finds 2018 Wayfair Decision Adds Costs for Consumers
Nearly half of U.S. and U.K. businesses surveyed have increased prices for customers due to online sales tax complexity resulting from the Wayfair decision five years ago.
Taxes June 12, 2023
Trump’s Suit Against Niece Over NY Times Story About His Taxes Advances
A judge on Friday rejected Mary Trump’s argument that the former president’s lawsuit violated a state law against frivolous litigation.
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 9, 2023
House Ways and Means Set to Put GOP Tax Priorities Up for Vote Next Week
The Republican-led committee is preparing to consider a package of tax breaks for individuals and businesses next week.
Taxes June 8, 2023
A New Approach to Make Next Tax Season Go More Smoothly
Accounting firms that embrace these technologies will be able to stay ahead of their competition and provide their clients with the highest quality services.
Taxes June 8, 2023
Supreme Court Rules in Favor of 94-Year-Old in Property Tax Dispute
Justices ruled in favor of Geraldine Tyler who didn't receive a single dime after her condo was seized and sold over a small unpaid tax bill.