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.
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.
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).
The Inflation Reduction Act (IRA) features several renewable energy and efficiency-related tax credits that may benefit homeowners and businesses in 2023.
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).
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.
Supporters of affordable housing are urging the Senate Finance Committee to advance tax policy that addresses the current housing crisis.
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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.
The IRS has issued a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program for voluntary tip reporting.
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.
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.
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.
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.
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.