The Inflation Reduction Act expands the R&D payroll tax credit for eligible small businesses for tax years beginning after Dec. 31, 2022. Learn more about what’s new and what requirements must be met to qualify.
Clean Vehicle Credit comes with caveats
The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why.
IRS offers penalty relief for 2019, 2020 tax years
The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.
The Inflation Reduction Act includes wide-ranging tax provisions
The Inflation Reduction Act is about to become law. Learn how its tax provisions might affect you.
CHIPS Act poised to boost U.S. businesses
The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufacturing facilities and equipment.
Businesses: Act now to make the most out of bonus depreciation
If your business plans to purchase bonus depreciation qualifying property, take action soon to realize a valuable tax break.
Standard business mileage rate will increase for the second half of 2022
Because of the soaring price of gasoline, the IRS has increased the standard mileage rate for qualified business driving for the second half of 2022 from 58.5 cents per mile to 62.5 cents per mile.
Proposed regs for inherited IRAs bring unwelcome surprises
The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created confusion about when certain beneficiaries must begin taking distributions.
After tax day: Take these action steps
With the April tax filing deadline in the rear view, now is the time to take certain tax-related action steps in preparation for next year.