At 30%, Solar Panel Tax Credits Are at a High Point for Now

At 30%, Solar Panel Tax Credits Are at a High Point for Now – The New York Times https://bit.ly/47NGZrx

Do you owe the IRS but haven’t received a notice lately?

If an individual owes back taxes and thinks the IRS has forgotten about it, he or she should think again. Taxpayers with balances due may not have received collection notices for the last 18 months, National Taxpayer Advocate, Erin Collins said recently. Some processes, such as the sending of notices were put on hold due […]

CBO releases budget review

The Congressional Budget Office (CBO) has released its budget review for the first 10 months of fiscal year 2023. The federal budget deficit was $1.6 trillion, “more than twice the shortfall” for the same period in 2022. This is the result of a 10% drop in revenues, possibly due to smaller capital gains taxes. An […]

Biden Administration Unveils New Crypto Tax Reporting Rules

Biden Administration Unveils New Crypto Tax Reporting Rules – U.S. News & World Report https://bit.ly/3KVJQFe

IRS warns on ESOPs

The IRS is warning businesses to watch out for Employee Stock Ownership Plan (ESOP) compliance issues. ESOPs are complex arrangements that enable employees to purchase company stock. But they can also be abused, and some high-income individuals have been known to use them to hide earnings and evade taxes. The IRS says it has discovered […]

Nonprofit hospitals may incur additional oversight

A bipartisan group of U.S. senators is alleging that certain nonprofit hospitals may be acting in ways that aren’t in patients’ best interests. Tax-exempt hospitals are required to provide “community benefits,” but the lawmakers claim some hospitals are taking advantage of the term’s broad definition. One study found that 77% of nonprofit hospitals spent less […]

Energy Tax Credits for your home

If you’ve been noticing your neighbors making energy related home improvements lately, such as installing solar panels on the roof, it may be thanks to the expanded home energy tax credits provided by the Inflation Reduction Act. You can claim either the Energy Efficient Home Improvement Credit or the Residential Clean Energy Credit for the […]

Do you qualify for innocent spouse relief?

Spouses who file joint federal tax returns generally are both liable for the tax owed. But joint filers may be eligible for innocent spouse relief. In a new case, the U.S. Tax Court ruled that a wife wasn’t entitled to relief related to foreign earned income exclusions reported on her joint tax return. The court […]

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 […]

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 […]