Summer Camp expenses

If you sent your child to day camp this summer, you may be able to offset some of the costs by claiming the child and dependent care tax credit. To claim the credit, a taxpayer must have earned income. The credit is calculated based on income and a percentage of the expenses incurred for the […]

Child Tax Credit proposals

Democratic presidential nominee, Vice President Kamala Harris and Republican vice presidential nominee, Sen. J.D. Vance recently put forth differing views on the future of the Child Tax Credit (CTC). Harris proposes to restore enhancements to the CTC under the American Rescue Plan Act (ARPA). Under ARPA, the CTC amount was $3,600 for children under six […]

Secure Act 2.0 can help employees pay student loans

Employees paying student loan debt may greatly benefit from a provision of the SECURE 2.0 Act, which took effect as of Jan. 2024. Employers can now make matching contributions to 401(k) accounts (and certain other retirement plans) with respect to qualified student loan payments (QSLPs). This is true even for taxpayers who aren’t contributing to […]

Heavy Highway Vehicle Use Return due soon

Truckers have a few extra days this year to file required forms, but the due date is still rolling up fast. Owners of most heavy highway vehicles must file their annual Form 2290 (Heavy Highway Vehicle Use Tax Return) by Sept. 3, 2024. The usual Aug. 31 due date falls on a Saturday this year. […]

Elective Pay Options

Does your company, nonprofit or government entity want to take advantage of elective pay options that were made available under the Inflation Reduction Act and the CHIPS Act? If so, it generally needs to complete the pre-filing registration process at least 120 days before filing a tax return. The elective pay option may make sense […]

The Coalition Against Scam and Scheme Threats

Despite the IRS’s efforts to reduce tax-related fraud, fraudulent activity is on the rise. Enter the Coalition Against Scam and Scheme Threats (CASST). This new initiative is made up of the IRS, state tax agencies, private sector companies and professional groups. CASST’s three primary goals will be to enhance public outreach, find new methods to […]

Bill introduced for childcare

As conversations about tax reform in 2025 begin to heat up, childcare-related tax credits are sure to be a hot topic. The U.S. Senate recently announced a bipartisan tax bill dubbed the Child Care Availability and Affordability Act. It would enhance three existing tax provisions: the Child and Dependent Care Tax Credit (CDCTC), the Dependent […]

IRS reopens Voluntary Disclosure Program for ERTC claims

The IRS has announced the reopening of its Voluntary Disclosure Program (VDP) to help businesses resolve incorrect Employee Retention Tax Credit (ERTC) claims. The second VDP will run through Nov. 22, 2024. It’s designed to help businesses with questionable ERTC claims to self-correct and repay the money they received (at a 15% discount) after filing […]

Is my scholarship taxable?

Are scholarships taxable? As a new school year gets underway, it’s important to know the tax implications of scholarships if your child is fortunate enough to get one. Generally, scholarships that pay for tuition, books and required materials and fees are tax-free for students from elementary school through grad school or an accredited vocational school. […]

Sales Tax Rates in Major Cities, Midyear 2024

Sales Tax Rates in Major Cities, Midyear 2024 https://bit.ly/3MeoqDB