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 […]

The Coming Regulation of Digital Transactions

Federal regulation of digital transactions is a long time coming. In March 2022, President Biden directed federal agencies to assess the benefits and risks of integrating digital assets into the mainstream. On Sept. 16, he announced a digital-asset agenda that includes development of a U.S. central bank digital currency (CBDC). But the Federal Reserve first […]

Energy Tax Credits

The Biden administration has rolled out a new webpage for taxpayers to learn more about how to claim various energy tax credits under the Inflation Reduction Act. CleanEnergy.gov serves to educate the public on incentives available for home energy conservation upgrades, including weatherization, rooftop solar systems and electric appliance installation. For each credit, the page […]

Another Budget Impasse

Government funding runs out on Sept. 30 and both the U.S. Senate and House have recently departed Washington without taking any action on a short-term funding bill. The so-called continuing resolution’s (CR’s) delay stems from Senate Majority Leader Schumer’s (D-NY) decision to attach Sen. Manchin’s (D-WV) energy project “permitting reform” proposal to the CR. Manchin […]

Earthquake refresher on the New Madrid Seismic Zone

Earthquake Hits Today in the Heart of New Madrid Seismic Zone in Missouri – Weatherboy https://bit.ly/3LCPLhs

Deadline Approaching

The extended tax deadline is fast approaching for 19 million Americans. What to know if you still haven’t filed – CNBC https://cnb.cx/3xEMTuN 