IRS announces plans to issue series of regulations related to clean energy tax provisions

The U.S. Dept. of Treasury and the IRS have announced plans to issue a series of final regulations related to certain clean energy tax provisions of the Inflation Reduction Act (IRA). The final regs will cover the Clean Electricity Production Credit (Sec. 45Y) and the Clean Electricity Investment Credit (Sec. 48E). The IRS issued proposed […]

Policies both Democrats and Republicans can agree on

Filing relief for Hurricane Helene victims

The IRS has announced disaster tax relief for individuals and businesses affected by Hurricane Helene. This covers the entire states of Alabama, Georgia, North Carolina and South Carolina, as well as parts of Florida, Tennessee and Virginia. In these areas, taxpayers now have until May 1, 2025, to file various federal individual and business tax […]

Ease the financial pain of natural disasters with tax relief

Hurricane Milton has caused catastrophic damage to many parts of Florida. Less than two weeks earlier, Hurricane Helene victimized millions of people in multiple states across the southeastern portion of the country. The two devastating storms are among the many weather-related disasters this year. Indeed, natural disasters have led to significant losses for many taxpayers, […]

Is it Deductible?

Many Americans donate to IRS-approved nonprofit organizations they wish to support. If they itemize deductions at tax time, donors may also get a tax break. But if a nonprofit violates tax laws and rules, the IRS may revoke its tax-exempt status and remove it from the list of approved organizations. That means contributions to it […]

Recreational Marijuana Taxes by State, 2024

Recreational Marijuana Taxes by State, 2024 https://bit.ly/3U2YaQK

Due Date rolling up fast

For taxpayers who’ve obtained a filing extension for their 2023 federal income tax return, the extended deadline is rapidly approaching: Tuesday, Oct. 15. To be able to file by the deadline, you’ll need to gather Social Security numbers for everyone on your return; bank account and routing numbers for direct deposit; any Forms W-2 and […]

Understanding the $7,500 federal tax credit for buying an electric vehicle

Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from 5.9% in 2022. To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles. The tax break for EVs […]

IRS Budget cut in the Appropriations Act

On Sept. 25, the U.S. House and Senate passed the Continuing Appropriations and Extensions Act, 2025 (H.R. 9747) to prevent a federal government shutdown without passing a final appropriations bill. Although H.R. 9747 doesn’t add new policy proposals, it includes a rescission of $20 billion in IRS funding from the original $80 billion allocated to […]

It’s time for your small business to think about year-end tax planning

With September in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or next […]