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.
The Biden administration has rolled out a new webpage for taxpayers to learn more about how to claim various energy tax credits under the Inflation Reduction Act.
Toyota is the latest auto manufacturer to sell enough plug-in electric vehicles to trigger a gradual phaseout of federal tax incentives for specified models sold in the U.S.
The next time you contact the IRS by phone, it’s likely that you’ll end up speaking to a voice bot. The IRS launched “authenticated” voice bots this year, and they’re now operating at 100% capacity.
The SECURE Act 2.0 bill has taken another step closer to becoming law. On June 22, the Senate Finance Committee unanimously approved its version of the bill, now dubbed the Enhancing American Retirement Now (EARN) Act.
Leading electric automakers have asked Congressional leaders to give all electric car and light truck buyers a tax credit of up to $7,500, saying they believe “a sunset date set for a time when the EV market is more mature” makes good economic and environmental sense.
Democrats in the U.S. House of Representatives have asked IRS Commissioner Charles Rettig to increase the 2022 standard mileage rate used to deduct the cost of operating a vehicle for business purposes.
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Cryptocurrency and nonfungible tokens (NFTs) are far from interchangeable from a tax perspective. A lack of IRS guidance has left tax experts to speculate on the nuances of how various digital assets may be treated.
Crowdfunding may be used to fund business ideas, help families pay medical bills or raise money for charity, but bear in mind that the income raised by crowdfunding may be taxable.
Did you employ a household worker in 2021? This could include a housekeeper, nanny, gardener, cook, health care worker, tutor or someone else. If so, you may owe what’s commonly called the “nanny tax.”
The IRS issues the 2022 foreign housing cost exclusions. A U.S. citizen or U.S. resident alien living abroad can elect to exclude the foreign earned income and housing cost amount from gross income (subject to limitations).
It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any virtual currency?
This tax season, some taxpayers will be shocked to learn that they owe money to the IRS, perhaps because their employer didn’t withhold enough from their wages. But it’s your responsibility to ensure withholding is adequate – we can help.
With tax season well underway, the IRS warns taxpayers to remain on guard when it comes to security. Be especially mindful, says the IRS, of scams involving unemployment benefits.