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.
More Tax Highlighters
Holiday season is nearly here, and many taxpayers are beginning to think about giving to charity. Be on the lookout for charity scams.
Employers, beware: The IRS is warning about shady third parties advising businesses to claim the Employee Retention Credit (ERC), even when they don’t qualify.
Did you know 501(c)(3) organizations are prohibited from participation in any political campaign for or against any candidate for elected public office?
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.
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.”
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.
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.
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.
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.