Taxes

Qualifying items would not be subject to the state sales and use tax during the adventure awaits sales tax holiday. As with all Alabama tax-free weekends, local jurisdictions may choose to participate — or not.

The AICPA recommends that Treasury and the IRS clarify the meaning of important terms and certain examples within the section 6045 proposed regulations.

The Tax Blotter is a summary of recent tax news, rulings and legislation.

President Biden announced a proposal to deny corporations a tax deduction when they pay more than $1 million to any employee. He also described his plans to bump the corporate tax rate up to 28 percent, but said taxes won’t be raised for any Americans making less than $400,000 a year.

The projects included in the plan would be priorities for the Treasury and IRS to work on from July 1, 2024, through June 30, 2025.

Expenditures for general health and wellness aren't considered medical expenses, regardless of some claims to the contrary.

He also underreported income on returns for tax years 2012 through 2015, causing the IRS and Illinois Department of Revenue a total of about $83,000 in lost tax revenue, according to his plea agreement with prosecutors.

As of Feb. 24, 943,000 taxpayers had filed returns using Free File, up from last year's comparable period of 860,000 returns filed.