Nonprofits comment on energy-efficient building standards

Several nonprofits are concerned that the standard used by builders to claim a tax deduction for energy-efficient buildings is outdated. The Inflation Reduction Act expanded the standard under Code Sec. 179D. But in a recent letter to the U.S. Treasury Department, four organizations claim that although the new law reduced to 25% the savings threshold […]

1099-K reporting coming soon

Did you earn more than $600 in income in 2022 from selling goods or providing services? If you received that income via third-party payment applications such as Venmo or Paypal, you may receive Form 1099-K, “Payment Card and Third-Party Network Transactions.” According to the IRS, there’s no change to the taxability of the income. There […]

State Tax Ballot Measures to Watch on Election Day 2022

State Tax Ballot Measures to Watch on Election Day 2022 https://bit.ly/3gAxLsS

Federal deficit declines

The federal deficit in fiscal year (FY) 2022 was cut in half, to $1.4 trillion, compared to FY 2021, according to a statement from Treasury Secretary Janet Yellen. It was the largest-ever one-year decrease, she stated. However, receipts were below projections partly due to less-than-estimated collections of individual income tax. Total receipts were nearly $4.9 […]

Check before Donating to Charity

Holiday season is nearly here, and many taxpayers are beginning to think about giving to charity. Meanwhile, thieves are busy setting up charity scams. Before sending money, it’s a good idea to check the legitimacy of a charity using an IRS resource known as the Tax Exempt Organization Search tool. You can use it check […]

Retirement Plan contributions updated for 2023

In 2023, individuals will be able to contribute up to $22,500 to their 401(k) plans, the IRS announced. The same is true for 403(b) plans and most 457 plans. This is up from $20,500 in 2022. The increase is part of the cost-of-living adjustments made annually. The catch-up contribution limit for employees age 50 and […]

IRS warns on ERC credits

Employers, beware: The IRS is warning about shady third parties advising businesses to claim the Employee Retention Credit (ERC), even when they don’t qualify. The ERC was introduced in 2020 to help employers who kept employees on the payroll during the COVID-19 lockdown or experienced significant declines in revenues from March 13, 2020, to Dec. […]

Adoption Tax Credit

If you’re considering adopting a child, you should know there may be financial help available in the form of an adoption tax credit. For 2023, the credit for an adoption of a special needs child is $15,950. The maximum credit allowed for other adoptions in 2023 will be the amount of qualified adoption expenses up […]

recreating tax records after a disaster

If important records are destroyed in a disaster or by some other means, you may need to recreate them. The IRS offers tips for reconstructing various records, some of which may be needed for insurance claims or possibly for federal assistance as you recover. To recreate financial statements, use past credit card and bank statements. […]

Time to perform a Withholding Checkup

With the end of the year just several weeks away are you sure you’re having the right amount of tax withheld? The IRS urges taxpayers to check their tax withholding while there’s time left. By making an adjustment now you may avoid a big surprise, such as a balance due when you file your tax […]