Income Tax
Latest News
Newsom: California Will Offer EV Rebates if Trump Cuts Federal Tax Credit
FASB Seeks Feedback on Clarification to Interim Effective Date for Disaggregation of Income Statement Expenses Standard
INCPAS and NABA Launch Initiative to Strengthen Talent Pipeline in Indiana
Financial Cents Adds New Billing Feature For Accounting Firms
Treasury, IRS Issue Final Rules on Bonus Energy Tax Credits for Poorer Communities
A new program gives eligible solar and wind facilities in low-income areas increased investment tax credits of 10% or 20%.
Home Energy Audits Are a Key Part of Qualifying for New Tax Credit, IRS Says
The IRS informed taxpayers on the home energy audit requirements in order to claim the energy efficient home improvement tax credit.
The Tax Blotter – August 3, 2023
Under current law, net operating losses (NOLs) can no longer be carried back for two years, but they may be carried forward indefinitely.
AICPA Pushes for Tougher Action on ERC Cheats
Among the warning signs businesses should be wary of are vendors that require large, upfront contingency fees and those who fail to sign the amended payroll tax returns.
TIGTA Says IRS Isn’t Properly Controlling Sensitive Tax Information
The report found that required tracking documents, such as Forms 3210, Document Transmittal, are not included with these shipments and/or not prepared properly.
IRS Plans to Go Paperless by 2025 Tax Season
By the 2025 filing season, the IRS will digitally process 100 percent of tax and information returns that are submitted by paper, as well as half of all paper correspondence, non-tax forms, and notice responses.
S Corp Shareholder Eligibility for ITIN Holders
Understanding the intricacies of S Corp eligibility for ITIN holders can shed light on the potential opportunities and limitations for these individuals.
The Tax Payoff for Life Insurance
Although Congress has chipped away at many traditional tax shelters in recent years, the main benefits of life insurance remain intact.