IRS releases guidance on Solar and Wind investment credits

The IRS has issued guidance for owners of certain solar or wind facilities built in connection with low-income communities. The Inflation Reduction Act provides for an increase in the energy investment credit for solar and wind facilities that apply for, and receive, an allocation of environmental justice solar and wind “capacity limitation.” Revenue Procedure 2024-19 […]

IRS reports on CARES Act related fraud

It’s been just over four years since the enactment of the CARES Act. While the COVID-19-related law helped millions of individuals and businesses through the economic fallout due to the pandemic, it also attracted a great deal of tax fraud. The IRS’s Criminal Investigation (CI) division said that it investigated 1,644 tax and money laundering […]

The IRS issues its annual “Dirty Dozen” list of scams

The IRS annually issues its “Dirty Dozen” list of scams that put taxpayers and businesses at risk of losing money and personal data. The tax agency begins this year’s list with a warning about evolving phishing and smishing schemes. Phishing occurs when a fraudster emails victims offering phony tax refunds or threatening them with false […]

What can a power of attorney do?

If the IRS wants to talk to you about a specific tax matter, you can authorize a third party to do the talking for you. But you must grant third-party formal permission. There are several ways to do this, including by assigning your power of attorney to a person who is authorized to practice before […]

Tax changes small business owners should be aware of as the tax deadline looms

Tax changes small business owners should be aware of as the tax deadline looms – The Associated Press https://bit.ly/4aeAM98

Can States Afford Their Recent Tax Cuts?

Can States Afford Their Recent Tax Cuts? https://bit.ly/3TWVcxr

Corporate Transparency Act ruled unconstitutional

A U.S. District Court recently ruled that the Corporate Transparency Act is unconstitutional. However, that doesn’t mean that businesses don’t have to comply with its reporting rules, which went into effect on Jan. 1, 2024. The decision is being appealed by the government and the Financial Crimes Enforcement Network announced that reporting companies “are still […]

2020 Tax Year Closing May 17

If you didn’t file a 2020 federal income tax return and you expect a refund, time is running out: The deadline for filing and claiming a refund for the 2020 tax year is May 17, 2024. The IRS estimates that $10 billion in 2020 refunds currently remains unclaimed. Keep in mind, however, that even if […]

Sources of U.S. Tax Revenue by Tax Type, 2024 Update

Sources of U.S. Tax Revenue by Tax Type, 2024 Update https://bit.ly/3xagv5M

IRS budget is cut in latest deal

The fiscal year 2024 federal budget deal signed into law on March 23, 2024, contained some bad news for the IRS. The agency is losing $20 billion of the more than $80 billion originally allocated to it by the Inflation Reduction Act. The $20 billion cut was stipulated by Congressional Republicans, who refused to pass […]