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
2022 Foreign Housing Cost Exclusions

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).

New Bill Signed Includes Aid for Ukraine

On March 11, President Biden signed a $1.5 trillion omnibus spending bill into law. The headline is that the bill includes $13.6 billion in aid for Ukraine.

Reporting Virtual Currency Transactions

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?

Ensure Accurate Employer Tax Withholdings

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.

Reporting Income in the Gig Economy

If you’ve earned income from the gig economy, the IRS is reminding you that those wages are taxable and must be reported.

IRS Warns of Unemployment Scams

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.

How To Track the Progress of Your Refund

Are you wondering how long you’ll have to wait for a federal tax return?

Check Taxes Off of Your To-do List

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.

The Taxability of Tip Income

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.

IRS Online Account Update

If you want to register for an IRS Online Account,…