IRS guidance coming regarding the IRA’s Clean Vehicle Credit
The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the … Read more…
President Biden’s proposed budget includes notable tax provisions
President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills … Read more…
What do the 2023 cost-of-living adjustment numbers mean for you?
The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement 2022 year-end tax planning strategies, be sure to take these … Read more…
Employee Retention Credit Scam Alert
On October 19, 2022, the IRS issued a press release (IR-2022-183) regarding the Employee Retention Credit (ERC). It warned employers to watch out for third parties advising them to claim the ERC, when they may not actually qualify for the … Read more…
Inflation Reduction Act expands deductions for energy-efficient construction
Mitigating the adverse effects of climate change is one of the primary targets of the recently enacted Inflation Reduction Act (IRA). To that end, the legislation is packed with tax incentives, including the significant expansion and extension of two tax … Read more…
Inflation Reduction Act expands valuable R&D payroll tax credit
When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small … Read more…
Clean Vehicle Credit comes with caveats
The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor … Read more…
The Inflation Reduction Act includes wide-ranging tax provisions
The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. … Read more…
Businesses: Act now to make the most out of bonus depreciation
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% … Read more…
R&D Expenditures – Do you need to capitalize?
The answer is, “Yes, for tax purposes”. A long-forgotten provision of the Tax Cuts and Jobs Act (“TJCA”) that was delayed until 2022 requires research and development (R&D) expenses incurred after December 31, 2021, as defined by Internal Revenue Code … Read more…
