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Biden Requests 15% Increase in IRS Budget
The White House has proposed a 15 percent increase in the Internal Revenue Service’s (IRS) budget for Fiscal Year 2024. The proposed increase would give the agency $16.3 billion in […]
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 […]
IRS 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 […]
Real 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 […]
Electronically-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 […]
Tax 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 […]
Employees 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 […]
Treasury & 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 […]
House 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 […]
Luxury 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 […]
Standard 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 […]
IRS Focusing on Technology & Staffing in 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 […]