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.
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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.
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.