IRS again faces backlog, bringing refund delays for paper filers

IRS again faces backlog, bringing refund delays for paper filers – Detroit Free Press https://bit.ly/3IVpLgc

Toyota Electric Vehicle tax credit phaseout

Toyota is the latest auto manufacturer to sell enough plug-in electric vehicles (EVs) to trigger a gradual phaseout of federal tax incentives for specified models sold in the U.S., joining Tesla and General Motors. Toyota reported that it has sold more than 200,000 EVs, meaning that its federal EV credits will begin to dwindle in […]

An update on the global minimum tax initiative

President Biden’s nominee to lead U.S. negotiations on the global minimum tax initiative recently told the Senate Finance Committee that the levy on profits of large multinational corporations would discourage their use of tax havens. Jay Shambaugh, nominated as Treasury undersecretary for international affairs, said that the 15% global minimum tax included as part of […]

OECD impacts international cooperation and treaties

Obstructing the international Organization for Economic Cooperation and Development (OECD) can have consequences. Recently, Hungary (whose corporate tax rate is 9.9%) blocked the European Union from finalizing an OECD agreement to set a minimum tax of 15% on large multinational corporations. Now, the U.S. Treasury Department is dismantling the United State’s tax treaty with Hungary. […]

Tax Incentives to own a home

There are several tax incentives for owning residential real estate. For example, eligible taxpayers can claim home mortgage interest deductions and property tax deductions. If eligible, they can also exclude from gross income up to $250,000 ($500,000 for married couples filing jointly) of gain realized on the sale of a principal residence. The Joint Committee […]

Estate Tax exemption portability

The IRS has updated the procedure for obtaining an extension to elect “portability.” Making a portability election allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must […]

Here’s how your summer internship is taxed

Here’s how your summer internship income is taxed — and when you can expect a refund https://cnb.cx/3o7zTZy

your first place to start for social security online

Social Security Online: Your First and Best Place to Start https://bit.ly/3zaQuli 

Reconciliation Bill negotiations

Congress is back in session and negotiations are underway between Sen. Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) on a scaled-back, nearly $1 trillion reconciliation bill. To date, the two have agreed on a Medicare prescription drug pricing proposal that’s estimated to save the government $280 million over the next 10 years. They’ve also […]

Preparing for Disasters

Preparing for Disasters https://bit.ly/3aBKAjN