The $1.66 trillion Consolidated Appropriations Act, 2023, was signed into law on December 29, 2022, by President Biden. Included in the 4,155-page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions [...]

Courtesy of the Wall Street Journal, the following is a detailed explanation of the new rules for electric vehicle tax credits that became effective this August when President Biden signed the Inflation Reduction Act into law: What are [...]

Selling your home? You may exclude up to $250,000 ($500,000 for joint filers) of gains if you meet eligibility requirements. With rising prices, some sales may be taxable, so understanding exclusions and reporting rules is crucial. Consult a tax professional for guidance.

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. WHY [...]

Here is a tax-planning opportunity for employers: offer your employees a reimbursement of Covid-related costs. The reimbursement will be fully deductible by you and tax-free to the employee. IRC Section 139 allows employers to  reimburse employees for [...]

Update 8/20/21: In addition to the refund processing delays described below, the IRS is also experiencing delays in processing payments that has led to clients receiving erroneous balance due statements. It seems that IRS is quickly cashing [...]

Congress expanded the child tax credit earlier this year, and the IRS will on July 15 make its first batch of monthly payments to about 39 million families with children. Tens of millions of households will receive [...]

You may have read that the IRS this year has extended the traditional April 15 individual tax deadline to May 17. This extension applies to both the filing due date and the due date to pay any [...]