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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
Minnesota House submits proposal for tax increases
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.
NFTs may be treated as collectibles for tax purposes
Do you own nonfungible tokens (NFTs)? If so, you need to know that the IRS intends to treat certain NFTs as collectibles for tax purposes.
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.
More Tax Highlighters
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.
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.
Important Reminder: How the IRS Contacts Taxpayers
During this busy tax season, the IRS is reminding individuals how it will and, more importantly, won’t contact taxpayers.
Cryptocurrency vs. NFTs From a Tax Perspective
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.
IRS Explains Taxability of Crowdfunding Income
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.