Taxes
Latest News
GASB Proposes Guidance on Subsequent Events
FASB Issues Post-Implementation Review Report for Its Revenue Recognition Standard
Newsom: California Will Offer EV Rebates if Trump Cuts Federal Tax Credit
Bloomberg Tax & Accounting’s Compliance Tracker Expands Global and Indirect Tax Capabilities
Gift Tax Exclusion Increases for 2024: How to Get the Most Benefit
The annual gift tax exclusion allows you to gift up to a specified amount to each recipient each year without any gift tax liability.
IRS Launches Anti-Fraud Program to Help Businesses that Filed ‘Questionable’ ERC Claims
Businesses interested in taking advantage of the voluntary disclosure program have until March 22, 2024, to apply.
Reminder: Deadline for Retirement RMDs is Dec. 31
For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73.
IRS Issues Guidance on Tax Credit for Clean Hydrogen Production
The Inflation Reduction Act (IRA) of 2022 provides a production credit for each kilogram of qualified clean hydrogen produced by a taxpayer at a qualified clean hydrogen production facility.
Georgia Tax Preparer Gets 2 Years in Prison for Tax Evasion
The professional tax preparer was accused of omitting $1.28 million in income from his own tax returns.
Judge Rules on Michigan Income Tax Cut
A temporary cut to Michigan’s income tax will not be made permanent under a judge’s ruling this week.
A PIG in a Poke – How to Use a Passive Income Generator Strategy
Instead of deals designed to generate losses in the formative years of a limited partnership, a PIG is set up to start churning out income right away.
Increasing Scrutiny on States’ Sales Tax Compliance
While South Dakota v. Wayfair changed the foundation of sales tax more than five years ago, the ripple effects are still as strong.