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Homeowner Tax Relief in Connecticut
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 […]
Read MoreIRS Allocates $10 Billion in Credits for Advanced Energy Projects
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 […]
Read MoreReal Estate Developers Face New Rules
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 […]
Read MoreElectronically-Filed Amended Returns Can Now Get Direct Deposited Refunds
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 […]
Read MoreTax Status of State Special Payments Clarified
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 […]
Read MoreEmployees Urged to Use Saver’s Credit In 2023
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 […]
Read MoreTreasury & IRS Issue Guidance on Corporate Stock Repurchase Excise Tax
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 […]
Read MoreHouse Rules Could Impact Tax Policy in 2023
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 […]
Read MoreLuxury Auto Depreciation Caps and Lease Inclusion Amounts Issued for 2023
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 […]
Read MoreStandard Mileage Rate Increase for 2023
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 […]
Read MoreRetirement Saving Changes in 2022 Funding Bill
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 […]
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