If you own a home in Connecticut, you know that property taxes can add up. But did you know that qualifying seniors and the disabled can take advantage of a tax credit program and reduce or eliminate what they pay? Seniors The property owner or spouse can apply for tax relief the year after turning …
The IRS recently announced it is allocating $10 billion of credits for qualified investments in eligible advanced energy projects. A minimum of $4 billion of these credits may be allocated only to projects located in certain areas. The guidance announcing the program also: Defines the meaning of qualifying advanced energy project, specified advanced energy property, eligible property, the placed in service …
IRS Allocates $10 Billion in Credits for Advanced Energy Projects Read More »
The IRS has recently issued new guidelines and conditions for the real estate developer alternative cost method, which is an optional safe harbor method of accounting to determine common improvement costs that may be included in the basis of individual units of real property. These changes will help developers determine gain or loss from the …
The IRS has made an announcement that taxpayers who electronically file their Form 1040-X, the Amended U.S Individual Income Tax Return, will now have the option to choose direct deposit for any resulting refund. This is a new development as taxpayers were previously required to wait for a paper check, which added more time to …
Electronically-Filed Amended Returns Can Now Get Direct Deposited Refunds Read More »
The IRS has issued clarification regarding the federal tax status of special payments made by 21 states in 2022. Taxpayers in many of these states will not be required to report these payments on their 2022 tax returns. Disaster Relief & General Welfare Payments Payments made for the promotion of general welfare or as disaster …
Eligible workers from low and moderate income groups can still make qualifying retirement contributions and get the Saver’s Credit on their 2022 tax return. Taxpayers have until the due date for filing their 2022 return, April 18, 2023, to set up a new IRA or add money to an existing IRA for 2022. The Retirement …
The Treasury Department and the IRS have provided guidance announcing that they intend to issue proposed regulations to address the application of the new one-percent corporate stock repurchase excise added by the Inflation Reduction Act of 2022. Excise Tax on Stock Repurchases Beginning in 2023, a publicly traded U.S. corporation is subject to a one-percent …
Treasury & IRS Issue Guidance on Corporate Stock Repurchase Excise Tax Read More »
With Republicans taking over House of Representatives leadership comes new rules that could have implications on tax policy. Adopted on January 9, 2023 almost exclusively along party lines, are two key provisions that could impact tax policy in at least the next two years. First is the need for a supermajority of lawmakers to vote …
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2023 and the lease inclusion amounts for business vehicles first leased in 2023. Depreciation Caps for Luxury Passenger Cars The luxury car depreciation caps for a passenger car placed in service in 2023 limit annual depreciation deductions to: $12,200 …
Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued for 2023 Read More »
After the IRS made a rare midyear increase to the standard mileage rate last year, we weren’t sure if we’d see another one for 2023. But good news, the rate to calculate the deductible costs of operating a vehicle for business purposes increased by 3 cents to 65.5 cents per mile, effective January 1, 2023. …
We are all ready to move past COVID, including the IRS. “It’s time, as we leave some of those pandemic issues behind us, to focus more on our core mission in appeals, which is the quality resolution of taxpayer cases,” Independent Office of Appeals Chief Andy Keyso said in a recent interview with Federal Tax Daily. “I think …
In our last blog post, we talked about changes impacting those that are already retired, or close to taking the plunge. In this post, we will talk about additional changes that will impact younger people who are saving for retirement in the future. Financial planners typically say that Americans need at least $1.25 million to …