Energy efficient credits

Certain contractors may qualify for a special tax credit when they build or substantially reconstruct qualified energy efficient homes. The expanded credit, now worth up to $5,000 per home, is part of the Inflation Reduction Act of 2022. The amount of the credit depends on the type of home, the home’s energy efficiency and the […]

5 steps to track vehicle mileage in QuickBooks

Your organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and comply with IRS rules and regulations. Navigating this process can be administratively burdensome. Fortunately, QuickBooks® offers functionality that can make the process easier and more accurate. Here are five steps to streamline the bookkeeping requirements […]

Secure Act 2.0

Implementing the SECURE 2.0 Act, enacted last year, involves numerous administrative hurdles. In one provision, the law makes changes to catch-up contributions. That provision is set to begin in 2024. But as retirement plan sponsors prepare for the changes, they’re finding many problems. In a July 19 letter to the U.S. Treasury Dept. and the […]

5 ways to fight back against elder fraud

IRS to go fully paperless by 2024

The IRS is making progress on one of its major modernization objectives. The tax agency has announced that taxpayers will have the choice to go fully paperless by 2024’s filing season. It estimates that more than 94% of taxpayers will no longer need to send any form of paper mail to the IRS. And by […]

Do you need a home energy audit?

Homeowners and renters may be eligible to claim an Energy Efficient Home Improvement Credit (EEHIC) for 2023 if they get a home energy audit. New IRS interim guidance provides general requirements for an energy audit. It must be conducted by a certified home energy auditor in a taxpayer’s principal residence located in the United States. […]

Missouri’s Cameron Mutual Placed Into Rehabilitation

Missouri’s Cameron Mutual Placed Into Rehabilitation – Insurance Journal https://bit.ly/3qtHbM9

Senators request rules to close loopholes around cryptocurrency

In a letter to the U.S. Dept. of Treasury and the IRS, a group of U.S. senators (three Democrats and one Independent) is requesting rules to close tax loopholes currently being exploited by cryptocurrency tax evaders. Indeed, the Infrastructure Investment and Jobs Act, enacted in late 2021, directed the Treasury and the IRS to implement […]

How High are Gas Taxes in Your State?

How High are Gas Taxes in Your State? https://bit.ly/45gaJvG

IRS prevails in Tax Court on Child Tax Credit and Earned Income Credit Claims

In a recent U.S. Tax Court decision, the IRS prevailed over a taxpayer who argued that the IRS erroneously disallowed claims of certain tax credits on his original and amended tax returns. The credits included the Child Tax Credit (CTC), Additional Child Tax Credit (ACTC) and Earned Income Tax Credit (EITC). Regarding the CTC and […]