By Charles Dean Smith, Jr., CPA | Bipartisan proposed legislation would prevent individual taxpayers from incurring federal penalties for failing to accurately calculate estimated payments for current-year tax liability when requesting tax filing extension
From corporate tax changes to clean energy tax credits, the 179D commercial building deduction, and more, the Inflation Reduction Act contains a myriad of tax law changes for 2023 and beyond. This article details 12 tax changes likely to impact most taxpayers.
If you had a surprise tax bill this past filing season, it may be an opportune time to review your paycheck withholdings and estimated tax payment requirements by using the free IRS tax withholding estimator. Changes to income tax withholding amounts on Form W-2s or 1099s can be made at any point during the year by filing an updated Form W-4.
New battery sourcing requirements for electric vehicles took effect after April 18, 2023. This change means that far fewer vehicles qualify for the full $7,500 Clean Vehicle Tax Credit.
Each year, the Internal Revenue Service publishes its annual Dirty Dozen list of tax scams highlighting various schemes that put taxpayers and their financial well-being at risk. In this video, we'll provide an overview of five of the top scams on the list.
Learn about changes to the Clean Vehicle Credit which makes it more complicated to qualify for the full tax credit, including manufacturer requirements, the impact of income thresholds and the effort to promote US manufacturing.
Administration releases Fiscal Year 2024 Budget and Greenbook explanation of tax proposals. Expectations are light for proposals to move forward in Congress.
The Internal Revenue Service recently issued guidance clarifying the federal taxability of special one-time tax rebates and refunds issued by 21 states in 2022, including South Carolina and Virginia.
A recent IRS fact sheet details requirements for the energy efficient home improvement credit and the residential clean energy property credit.
In a previous article, we outlined the background, benefits, and challenges of PTE tax (PTET) regimes. In this article, we address core considerations and planning opportunities.
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