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 IRS issues the 2022 foreign housing cost exclusions. A U.S. citizen or U.S. resident alien living abroad can elect to exclude the foreign earned income and housing cost amount from gross income (subject to limitations).
It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any virtual currency?
This tax season, some taxpayers will be shocked to learn that they owe money to the IRS, perhaps because their employer didn’t withhold enough from their wages. But it’s your responsibility to ensure withholding is adequate – we can help.
With tax season well underway, the IRS warns taxpayers to remain on guard when it comes to security. Be especially mindful, says the IRS, of scams involving unemployment benefits.
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.
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.