Recent Articles
IRS Still Seeking Syndicated Conservation Easements After Tax Court Loss
Certain syndicated conservation easement transactions are referred to as being “listed” in proposed regulations that were released today. Following a recent U.S. decision, the IRS today published proposed regulations designating specific syndicated conservation easement transactions as “listed transactions.” The Tax...
The IRS has updated its FAQ on the Unemployment Compensation Exclusion.
The American Rescue Plan Act of 2021 helped those receiving unemployment benefits in 2020. In Fact Sheet 2022-39, the IRS updated frequently asked questions about the 2020 unemployment compensation exclusion. The updates are as follows: Individuals who received unemployment benefits...
Treasury Issues Labor Regulations for Clean Energy Tax Credits
With the help of clean energy programs, the Inflation Reduction Act allocates $369 billion to combating climate change. Initial guidance, outlined by the Treasury Department on Nov. 29, outlines the new wage and apprenticeship standards that businesses must adhere to...
With increased Social Security benefits the following year, some seniors’ tax burdens may increase.
More people will pay taxes because benefits for the upcoming year will increase at their steepest rates in 42 years. It appears to be such good news: Social Security benefits will increase by 8.7% next year due to inflation. However,...
The IRS warns that tax refunds may be reduced in 2023.
According to the IRS, a significant factor in 2022 will be the absence of stimulus payments. The IRS warns taxpayers to expect potentially smaller tax refunds in 2023. One key reason is the absence of stimulus payments for the 2022...
The Internal Revenue Service has raised interest rates for the first quarter of 2023.
Individuals will face a 7% annual penalty for overpayments and underpayments, up from 6%. On November 29th, the IRS announced that interest rates will rise for the calendar quarter beginning January 1, 2023. Individual overpayment and underpayment rates will increase...