Toyota Electric Vehicle tax credit phaseout

Toyota is the latest auto manufacturer to sell enough plug-in electric vehicles (EVs) to trigger a gradual phaseout of federal tax incentives for specified models sold in the U.S., joining Tesla and General Motors. Toyota reported that it has sold more than 200,000 EVs, meaning that its federal EV credits will begin to dwindle in […]

State and Local Sales Tax Rates, Midyear 2022

State and Local Sales Tax Rates, Midyear 2022 https://bit.ly/3PiJqJ8

An update on the global minimum tax initiative

President Biden’s nominee to lead U.S. negotiations on the global minimum tax initiative recently told the Senate Finance Committee that the levy on profits of large multinational corporations would discourage their use of tax havens. Jay Shambaugh, nominated as Treasury undersecretary for international affairs, said that the 15% global minimum tax included as part of […]

Interested in an EV? How to qualify for a powerful tax credit

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the time. If you buy one, you may be eligible for a federal tax break. The tax […]

OECD impacts international cooperation and treaties

Obstructing the international Organization for Economic Cooperation and Development (OECD) can have consequences. Recently, Hungary (whose corporate tax rate is 9.9%) blocked the European Union from finalizing an OECD agreement to set a minimum tax of 15% on large multinational corporations. Now, the U.S. Treasury Department is dismantling the United State’s tax treaty with Hungary. […]

The tax obligations if your business closes its doors

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. Of course, a business must file a final income tax return and some other related forms for […]

Tax Incentives to own a home

There are several tax incentives for owning residential real estate. For example, eligible taxpayers can claim home mortgage interest deductions and property tax deductions. If eligible, they can also exclude from gross income up to $250,000 ($500,000 for married couples filing jointly) of gain realized on the sale of a principal residence. The Joint Committee […]

Last call for lease accounting

The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private not-for-profit entities that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt the new standard for fiscal […]

Estate Tax exemption portability

The IRS has updated the procedure for obtaining an extension to elect “portability.” Making a portability election allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must […]

Here’s how your summer internship is taxed

Here’s how your summer internship income is taxed — and when you can expect a refund https://cnb.cx/3o7zTZy