As leading tax experts, the team at Abdo wants to ensure you stay up to date on ever-changing tax laws, regulations, and news. Check back daily for our Tax Highlighter blog posts.
Minnesota House submits proposal for tax increases
With the current legislative session ending in May, the Minnesota House released a tax proposal that includes the creation of two tax increases that would impact high-income residents and corporations.
NFTs may be treated as collectibles for tax purposes
Do you own nonfungible tokens (NFTs)? If so, you need to know that the IRS intends to treat certain NFTs as collectibles for tax purposes.
2023 Foreign housing cost exclusions released
The IRS has issued the 2023 foreign housing cost exclusions, allowing citizens living abroad to elect to exclude the foreign earned income and housing cost amount from gross income (with limitations).
Clean energy tax credits featured in the Inflation Reduction Act
The Inflation Reduction Act (IRA) features several renewable energy and efficiency-related tax credits that may benefit homeowners and businesses in 2023.
Proposed assessment period for amended returns claiming ERC credits
The Treasury Department recently released its annual “Green Book,” which explains proposed items in President Biden’s 2024 budget, including proposals involving the employee retention credit (ERC).
Deadline approaches to begin receiving required minimum distributions
Did you or someone you know turn 72 in 2022? For most of these taxpayers, last day to begin receiving required minimum distribution (RMD) payments from traditional IRAs is approaching.
President Biden releases 2024 proposed budget
President Biden has released his 2024 proposed budget – check out some of the highlights we’re watching as it moves through initial review.
Affordable housing legislation on the docket to address housing crisis
Supporters of affordable housing are urging the Senate Finance Committee to advance tax policy that addresses the current housing crisis.
More Tax Highlighters
Bipartisan push to lift cap on federal SALT deductions
A bipartisan coalition in the U.S. House of Representatives has renewed its push to lift the $10,000 cap on deducting state and local taxes (SALT) from federal tax returns.
Service Industry Tip Compliance Agreement (SITCA) program proposed by the IRS
The IRS has issued a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program for voluntary tip reporting.
Movement in MN Legislature regarding paid leave mandate and tax legislation
A proposal is currently moving through the Minnesota legislature which includes a plan to mandate 24-weeks of paid leave. This is one of many provisions included in Governor Walz’s initial budget proposal he released last week.
Bipartisan bill provides millions in tax cuts for Minnesotans
The first bill to pass in the 2023 Minnesota legislative session will update several provisions in the state’s tax code to conform to the federal tax code for tax years 2017 through 2022.
Tax Rate Change for MinnesotaCare Taxes in 2023
The new tax rate will drop in 2023 for the Provider, Hospital, Surgical Center, Wholesale Drug Distributor, and Legend Drug Use Taxes.
Updates to the Clean Vehicle Tax Credit Starting in 2023
Are you hoping to qualify for a clean vehicle tax credit? There’s a new list of potentially eligible plug-in electric or fuel cell vehicles purchased after 2022.
2023 Standard Mileage Rate Update
The IRS has issued the 2023 optional cents-per-mile rates used to calculate the tax deductible costs of operating a vehicle. Find the updated numbers here.
Key Provisions of the SECURE 2.0 Act
The Consolidated Appropriations Act of 2023 encompasses the SECURE 2.0 Act, with many provisions that will affect both employers and tax payers.
Qualified Charitable Distributions from IRAs
Distributions from a traditional Individual Retirement Account (IRA) are generally taxable when received, though exceptions like the Qualified Charitable Distribution (QCD) for those who are interested in making charitable donations.
Tax reminders for business closure
If you’re closing a business, there are important bases you may have to cover. Here’s a rundown.
FSA & 401(k) Contributions for 2023
The IRS has announced contribution updates for both 401(k) plans and employer-sponsored health Flexible Spending Accounts (FSAs). Get the latest.
Change in reporting rules for Form 1099-K
Did you earn more than $600 in income in 2022 from selling goods or providing services? If you received that income via third-party payment apps, you may receive Form 1099-K and the reporting rules for this form have recently changed.