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Homeowner Tax Relief in Connecticut

March 6, 2023

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 […]

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IRS Allocates $10 Billion in Credits for Advanced Energy Projects

March 5, 2023

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 […]

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Real Estate Developers Face New Rules

March 5, 2023

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 […]

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Electronically-Filed Amended Returns Can Now Get Direct Deposited Refunds

March 5, 2023

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 […]

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Tax Status of State Special Payments Clarified

March 5, 2023

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 […]

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Employees Urged to Use Saver’s Credit In 2023

February 12, 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 […]

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Excise Tax write on sticky notes isolated on office desk.

Treasury & IRS Issue Guidance on Corporate Stock Repurchase Excise Tax

February 12, 2023

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 […]

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House Rules Could Impact Tax Policy in 2023

February 12, 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 […]

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2023 luxury auto depreciation amounts

Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued for 2023

February 12, 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 […]

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Standard Mileage Rate Increase for 2023

January 6, 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 […]

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IRS Focusing on Technology & Staffing in 2023

January 5, 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 […]

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Retirement Saving Changes in 2022 Funding Bill

January 3, 2023

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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