Cost of Missouri tax cut swells

Cost of tax cut swells as Missouri House committee seeks to eliminate corporate tax – mycouriertribune.com https://bit.ly/3ChjWYE

Improperly forgiven PPP Loans are taxable

The IRS Chief Counsel’s Office has issued guidance confirming that improperly forgiven Paycheck Protection Program (PPP) loans are considered taxable income. The IRS urges PPP borrowers whose loans were improperly forgiven to file original (or amended) tax returns. The portion of the forgiven loan that doesn’t meet the requirements for forgiveness must be included in […]

Higher Education Accountability Act

Three U.S. House Republicans say that President Biden’s plan to forgive as much as $20,000 per borrower of student loan debt is a “giveaway” to highly profitable universities. With the Higher Education Accountability Act, the lawmakers propose to raise the excise tax on investment income of private institutions from 1.7% to 10%. Universities that increased […]

House advances Social Security Fairness Act

Members of the U.S. House Ways and Means Committee have unanimously advanced the Social Security Fairness Act of 2021 to a vote by the full House. Already, 300 House members have signaled support of the bill, which would repeal two Social Security Act provisions that have long penalized many public servants. The first is the […]

Hurricane Fiona Relief

The IRS is providing tax relief for victims of Hurricane Fiona in Puerto Rico. Individuals and households affected by the storm that reside or have a business in any of the 78 Puerto Rican municipalities qualify for the tax relief. Affected individuals and businesses now have until Feb. 15, 2023, to file tax returns and […]

Late Filing Relief

Individuals and businesses affected by the COVID-19 pandemic may qualify for late-filing penalty relief if they file their 2019 and 2020 tax returns by Sept. 30, 2022. This penalty relief is automatic. Eligible taxpayers who already filed their tax returns don’t need to apply for it and those filing now don’t need to attach any […]

CTC Update

Democratic lawmakers argue that a recent U.S. Census Bureau report illustrating a decline in child poverty shows the Child Tax Credit (CTC) enhancements that expired at the end of 2021 should be made permanent. From 2020 to 2021, the supplemental poverty measure among children fell to 5.2% from 9.7%. The drop is largely attributable to […]

Work Opportunity Tax Credit Update

The IRS has updated information on the Work Opportunity Tax Credit (WOTC). This credit is available to employers that hire designated categories of workers who face significant barriers to employment. In today’s tight job market, the WOTC may help employers. In IR 2022-159, the IRS updates include information about the pre-screening and certification processes. To […]

Remember that cryptocurrency is taxable

Do you invest in cryptocurrency? Keep in mind that selling it is a taxable event. The nature of the gain or loss depends on whether the cryptocurrency is a capital asset (for example, stocks, bonds and investment property) held by the taxpayer, as well as the length of time the position was held. What if […]

EV Tax Credit

If you’re thinking about buying an electric vehicle (EV), make sure you qualify for the EV tax credit. The Inflation Reduction Act has changed the rules. For example, qualified vehicles now must be assembled in North America. Starting Jan. 1, 2023, you no longer have to worry about snapping up an EV before its manufacturer […]