Bipartisan House Bill Seeks to Streamline Individual Tax Return Extension Requests and Payments

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

2023-05-31T16:38:12-04:00May 31, 2023|Categories: Tax: Individual|Tags: , |

What’s in the Inflation Reduction Act, Anyway? 12 Tax Provisions in Detail

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.

2023-05-26T10:51:13-04:00May 23, 2023|Categories: Tax: Business, Tax: Individual|Tags: , |

Did You Get a Surprise Tax Bill in 2022? It’s Time to Review Your Withholdings

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.  

2023-05-12T12:48:05-04:00May 12, 2023|Categories: Tax: Individual|Tags: |

Changes to the Electric Vehicle Credit

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.

2023-03-22T12:27:00-04:00March 15, 2023|Categories: Tax: Individual|Tags: , , |

White House Releases Fiscal Year 2024 Budget Including Tax Revenue Proposals

Administration releases Fiscal Year 2024 Budget and Greenbook explanation of tax proposals. Expectations are light for proposals to move forward in Congress.

2023-03-14T13:31:34-04:00March 13, 2023|Categories: Tax: Business, Tax: Individual, Tax: International|Tags: |

New IRS Guidance on the Taxability of Special State Tax Payments Paid in 2022

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.

2023-02-20T09:14:22-05:00February 20, 2023|Categories: Tax: Individual|Tags: , |
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