Starting in January, eligible electric vehicle buyers can receive a federal tax credit as an upfront discount at the dealership, making savings more immediate, the U.S. Treasury Department announced Friday. Prior to the new guidance, buyers – including those who bought electric vehicles this year – have had to claim…

The IRS has warned taxpayers to watch for promotions involving exaggerated art donation tax deduction deals that target high-income filers. The IRS even offers tips to avoid getting caught in a scheme. There are ways to properly claim donations of art. But some unscrupulous promoters may use direct solicitation to…

If you’re a paid preparer looking to renew your Preparer Tax Identification Number in 2024, it’s going to cost you… less. The IRS has again reduced the cost of PTIN fees, according to an interim final rule published this week. In 2024, the cost to renew or obtain a PTIN…

With a boost from a growing number of cities and states, the souped up two-wheelers are increasingly displacing cars for short trips — and outselling EVs. By Rina Torchinsky, Forbes Staff Last Tuesday, at 11 a.m. local time, the city and county of Denver put the latest batch of applications…

The Supreme Court will not hear a Michigan foreclosure case related to a tax delinquency. On Oct. 2, 2023, the nation’s highest court denied the petition for a writ of certiorari. The focus of the case was whether foreclosing on a home for not timely paying property taxes constituted a…

Robert Kerr, formerly with the IRS and now with Kerr Consulting, discusses latest developments from the IRS, including the tax agency’s plans for a government shutdown and its handling of the employee retention credit. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast.…

Some encouraging news for economic freedom and sanity is coming from, of all places, Argentina. That country has long been notorious for rotten economic policies—mainly high taxes, crushing regulations and, most infamously, chronic bouts of hyperinflation. A century ago, Argentina was one of the richest, fastest-growing countries in the world;…

Five Texas men have pleaded guilty in a scheme to fraudulently obtain and launder millions of dollars in forgivable Paycheck Protection Program (PPP) loans. PPP Loans PPP loans were designed to help small businesses keep their workers on payroll during the Covid-19 pandemic. While loans were obtained from various lenders,…

The Internal Revenue Service (“IRS”) released Notice 2023-63 on Friday, September 8th, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year. While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal. The guidance was…

The Internal Revenue Service recently announced a major policy shift that could have a huge impact on the wealthiest individuals in the United States. On Sept. 20, 2023, the IRS announced the creation of a new pass-through group with the sole purpose of targeting the top 1% of income earners.…