Clean Vehicle tax credit may reduce the cost of a new or used car

Taxpayers in the market for a new or used “clean” vehicle may save money up front, beginning in 2024. Those who qualify for tax credits for the purchase of a clean vehicle may be able to transfer the tax credits to an eligible dealer. In exchange, they can receive a financial benefit equal to the […]

A little known fact about wrongful incarceration

Here’s a little-known tax fact: Wrongfully incarcerated individuals aren’t required to include in federal taxable income civil damages, restitution or other monetary awards related to their wrongful incarceration. Taxpayers qualify if they’ve been convicted of a covered offense and meet one of the following: 1) They’ve been pardoned, granted clemency or granted amnesty; 2) their […]

SCOTUS hears case with far-reaching tax implications

The U.S. Supreme Court is hearing arguments in a case that could have far-reaching tax law implications for certain individuals. At issue in Moore v. U.S., is whether the Mandatory Repatriation Act (MRA), which was enacted as part of the Tax Cuts and Jobs Act and is intended to tax foreign profits of some U.S. […]

TIGTA audit on IRS telephone service released

During the hectic part of tax season last March, the Treasury Inspector General for Tax Administration (TIGTA) conducted an audit of the IRS’s telephone lines. TIGTA was assessing whether taxpayers were afforded simple, fast and accessible service. According to TIGTA, the IRS generally met U.S. Treasury Secretary Janet Yellen’s expectations for the 2023 filing season […]

Work on second phase of OECD is slow

Work on implementing the second “pillar” of the Organization for Economic Co-operation and Development’s Global Anti-Base Erosion Rules is progressing. However, the process is frustratingly slow, according to a U.S. Treasury Dept. official. The second pillar imposes a 15% global minimum corporate tax. Treasury Deputy Assistant Secretary (International Tax Affairs) Michael Plowgian said he’s “perplexed” […]

Is that expense ordinary and necessary?

Business owners can generally deduct the ordinary and necessary costs incurred in the course of business, if they can substantiate them. One married couple deducted marketing fees paid by their S corp to a C corp owned by the husband. But the deduction was denied by the U.S. Tax Court when a review showed that […]

IRS urges businesses to guard against cyberattacks

With the beginning of the tax season coming up early next year, the IRS urges businesses to guard against cyberattacks. Scam artists are ramping up efforts to steal private data. The information they seek includes credit card details, business identity and employee data, which they may use to file fraudulent tax returns. One frequent method […]

IRS continues to warn taxpayers on scams

Many Americans have already heard that they should be wary of potentially fraudulent emails claiming to be from the IRS. However, such phishing scams can be sophisticated and difficult to spot. Here’s one scheme you can easily identify and reject. The IRS is warning about emails that purport to come from the Taxpayer Advocacy Panel […]

Do you need to schedule a doctor appointment?

Taxpayers who plan to claim medical expense deductions on their 2023 income tax returns now have less than one month to fit in appointments and purchases. You can only claim deductions for qualified medical costs not covered by insurance that exceed 7.5% of your adjusted gross income. If you’re close to or over this limit […]

Time is running out to repay Covid-era 401(k), IRA withdrawals

Time is running out to repay Covid-era 401(k), IRA withdrawals — and claim a tax refund – CNBC https://bit.ly/3TfpMma