The Inflation Reduction Act extended certain energy related tax breaks and indexed for inflation the energy efficient commercial buildings deduction beginning with tax year 2023. For tax year 2023, the applicable dollar value used to determine the maximum allowance of the deduction is $0.54 increased (but not above $1.07) by $0.02 for each percentage point […]
On Tuesday, the IRS encouraged taxpayers to get a head start on preparing their returns — especially those who may need to take action regarding economic impact payments as well as the advance child tax credits. Economic impact payments. The final round of federal stimulus checks began going out in March, but some who were […]
Federal. The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. […]
Dear Clients and Friends: Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive changes included in the biggest tax law in decades — the Tax Cuts and Jobs Act (TCJA) of 2017 — and pinpointing the optimal strategies. This monumental tax legislation includes a myriad of […]
Bitcoin has repeatedly been in the news since it first came on the scene in the latter part of the last decade. However, many people have exhibited difficulty in understanding cryptocurrencies, in general, let alone how these assets are taxed. The evolution of taxation of cryptocurrencies, including Bitcoin, will undoubtedly become more prevalent as taxpayers […]