Green energy projects tax credit

The Inflation Reduction Act amended the tax code to provide a domestic content bonus credit for owners of green energy projects placed in service after Dec. 31, 2022. It also added Sections 45Y and 48E that include the credit for investments in green energy storage technologies placed in service after Dec. 31, 2024. Domestic content […]

Achieving the right balance of working capital

Working capital — the funds your company has tied up in accounts receivable, accounts payable and inventory — is a critical performance metric. During times of rising inflation and interest rates, managers search for ways to free up cash and eliminate waste. However, determining the optimal amount of working capital can sometimes be challenging. Balancing […]

Secure 2.0 Act guidance requested

The American Institute of CPAs (AICPA) has requested guidance from the IRS on several provisions of the SECURE 2.0 Act. One provision noted in an AICPA letter to the IRS involves matching contributions on student loan payments. SECURE 2.0 aims to help employees who miss out on their employers’ matching retirement contributions because their student […]

IRS reveals 2024 health savings account limits

IRS reveals 2024 health savings account limits. What to know about the ‘significant increase,’ says advisor – CNBC https://bit.ly/42TDf53

Can you deduct pet costs as business expenses?

You can still collect money from your 2019 tax return

You can still collect money from your 2019 tax returns—the average refund is $893 – CNBC https://bit.ly/45frZl0

Collection Due Process hearings

Taxpayers that dispute a past-due tax bill can request a Collection Due Process (CDP) hearing, but they must follow all procedures. One married couple failed to file a 2016 federal return. The IRS used third-party reports to determine the couple had taxable income of $112,107 and a tax bill of $30,491. The couple then filed […]

Education Tax breaks

Although many college students are off for the summer, it’s a good time to consider the education tax breaks you may be able to claim on your 2023 tax return. There are many possibilities that can help offset the rising costs of higher education, including the American Opportunity Tax Credit (AOTC). The AOTC provides a […]

Ranking Sales Taxes on the 2023 State Business Tax Climate Index

Ranking Sales Taxes on the 2023 State Business Tax Climate Index https://bit.ly/3pTHFdP

ERC refunds update

U.S. Senator Kirsten Gillibrand (D-NY) is asking the IRS to tackle its backlog and issue overdue Employee Retention Credit (ERC) refunds to small businesses and nonprofits. The IRS is sitting on an estimated one million unprocessed ERC claims, according to Gillibrand. She stated that employers who kept employees on the payroll through the pandemic are […]