Does Your State Have a Marriage Penalty?

Does Your State Have a Marriage Penalty? https://bit.ly/3zVI804

More on the Inflation Reduction Act

The U.S. Senate & House have passed the Inflation Reduction Act, before moving it to the president’s desk. The President signed the bill Tuesday. Treasury Secretary Janet Yellen has advocated for the bill, stating it would “ease inflationary pressures” by lowering costs for energy, health care and prescription drugs. It will also provide needed resources […]

The Family Research Council

U.S. House Democrats have asked Treasury Secretary Janet Yellen and IRS Commissioner Chuck Rettig to review the tax status of the Family Research Council (FRC). The group has met IRS requirements to qualify as a church, but House Democrats say the FRC is an advocacy organization that shouldn’t be tax exempt. They argue that many […]

More news on Inflation Reduction Act

The Inflation Reduction Act has become law. In it consumers may qualify for tax credits for purchasing electric vehicles and making certain energy-efficient home upgrades. The bill also authorizes healthcare subsidies and provides for Medicare to negotiate prescription drug prices. To secure support, Democrats removed the “carried interest loophole” provision and exempted some businesses from […]

CBO scores the Inflation Reduction Act

The Congressional Budget Office (CBO) has estimated that the Inflation Reduction Act would cut federal spending by $14.5 billion and raise $87 billion in revenue, reducing government deficits by nearly $102 billion over 10 years. The figures are a yearly average based on the bill’s projected impact from 2022 through 2031, the CBO said. The […]

Inflation Reduction Act moves forward

The Inflation Reduction Act has taken an important step in becoming law. Sen. Kyrsten Sinema (D-AZ) has indicated that she is “ready to move forward” on the bill with one key tax-related revision: removal of the provision that would impose new taxes on carried interest. She also indicated that tweaks have been made to the […]

Heavy Highway Use Tax Return Due Soon

As truckers roll down the road, a tax deadline is rolling up fast on them. Aug. 31 is the due date for the owners of most heavy highway vehicles to file their annual IRS Form 2290 (Heavy Highway Vehicle Use Tax Return). This tax applies to vehicles with a taxable gross weight of at least […]

Will the Inflation Reduction Act deliver?

Can the proposed Inflation Reduction Act deliver much-needed economic relief? In spite of some estimates from Congress, another research group is doubtful. The Penn Wharton Budget Model research tool quantifies the economic impact of government policies. It estimates that the bill would cut federal deficits by $248 billion over 10 years but have little impact […]

Deadline Extended

The IRS has extended the deadlines for amending a retirement plan or individual retirement arrangement to reflect recent legislation, including the SECURE Act and the CARES Act. The extended amendment deadline is Dec. 31, 2025, for 1) an IRA or 2) a qualified retirement plan or 403(b) plan (including a collectively bargained plan) that isn’t […]

Storm filing relief

Storm victims in federally declared disaster areas of Kentucky are now eligible for tax filing relief. The IRS has announced that for filing deadlines after July 26, 2022, affected individuals and businesses have until Nov. 15, 2022, to file and pay any tax due. The Nov. 15 deadline also applies to quarterly estimated tax payments […]