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.
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.
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.
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501(c)(3) Organizations prohibited from political activities
Did you know 501(c)(3) organizations are prohibited from participation in any political campaign for or against any candidate for elected public office?
Reconstructing important records after disaster or loss
If important records are destroyed in a disaster or by some other means, you may need to recreate them. The IRS offers tips for reconstructing records.
Do You Owe a “Nanny Tax” For Your Household Worker?
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.”
Fighting cryptocurrency criminals through the Crypto-Asset Reporting Framework (CARF)
It’s no secret that some international criminals use cryptocurrency for illegal transactions and to evade tax authorities. Learn how the Crypto-Asset Reporting Framework (CARF) is helping to expose and stop these law breakers.
Possible Discussion in Congress Over “Tax Extenders”
Will the fate of the so-called “tax extenders” be addressed in Congress this year? The extenders could be part of an omnibus bill, expected in December.
2023 Inflation Adjustments Released
The IRS has just released its 2023 inflation adjustments for many tax provisions. Get the latest numbers on our Tax Highlighter blog.
Year-end Tax Withholding Adjustments
With the end of the year just several weeks away are you sure you’re having the right amount of tax withheld? The IRS urges taxpayers to check their tax withholding while there’s time left.
Cyber Security Awareness Month: A reminder of “smishing”
October is Cybersecurity Awareness Month. The IRS recently warned the public of scams called “smishing” that use texts to steal personal information or download malicious code to a phone.
TCJA Permanency Act Introduced
Rep. Vern Buchanan has introduced legislation to make permanent certain individual-related and small-business-related provisions of the Tax Cuts and Jobs Act (TCJA).
Employee or Independent Contractor?
Updated October, 2022: The DOL has issued a proposed rule that revises earlier guidance employee or independent classifications.
White House Launches Clean Energy Tax Credit
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 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.