Tax Highlighter

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.

Most Recent
Toyota Electric Vehicle Credit Phaseout

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.

IRS Launches “Authenticated” Voice Bots

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.

Summertime Tax Topics

The IRS reminds taxpayers of some of the summer activities that may impact next year’s return.

An Update on the Enhancing American Retirement Now (EARN) Act

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.

The Electric Vehicle Tax Credit

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.

Talk of increasing the 2022 standard mileage rate

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.

The Trust Fund Recovery Penalty (TFRP)

Businesses that withhold taxes from employees and others but don’t pay them over to the IRS may face a penalty equal to 100% of the unpaid tax.

Tracking business income through third-party payors

If you receive business income payments through third-party payors, 2022 might be a game changer for your taxes.

More Tax Highlighters
Check Taxes Off of Your To-do List

You may be wondering, “where’s my refund?” To find out, pull out your smart phone and download the IRS’s mobile app, IRS2GO. The IRS says your refund status should be available within 24 hours after it receives your e-filed return, or about four weeks after it receives your mailed paper return.

The Taxability of Tip Income

Like most income, tips in the service industry are taxable. Learn how to account for this if you’re an employee working in the service industry or if you’re an employer of tipped workers.

IRS Online Account Update

If you want to register for an IRS Online Account,…