These vehicles may be eligible for 2023 clean vehicle tax credit
The IRS has published a list of cars that are potentially eligible for the 2023 clean vehicle tax credit. The list includes cars from manufacturers such as Audi, Ford, Nissan, Rivian, Stallantis (Chrysler, Jeep), Tesla, Volkswagen, and Volvo. The list applies to cars purchased after 2022. The IRS says the list is not complete and that people should check back […]
IRS delays implementation of $600 1099-K reporting requirement
The IRS has announced that third-party settlement organizations, such as PayPal, Venmo, and eBay, will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or to the payee for the lower $600 threshold amount enacted as part of the American Rescue Plan of 2021. Instead, the reporting of transactions in excess […]
EV credits valuable but complex
The recently passed Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, it’s important to review the new rules so you can maximize the credit you are allowed. North American assembly […]
Going green? There may be a credit for that
The recently enacted Inflation Reduction Act of 2022 contains several new environment-related tax credits that are of interest to individuals and small businesses. The Act also extends and modifies some preexisting credits. Extension, Increase, and Modifications of Nonbusiness Energy Property Credit Before the enactment of the Act, you were allowed a personal credit for specified […]
Summer is a good time to plan for next year’s taxes
The slower summer months are an ideal time to review your tax position and prepare for next year’s tax return.
Tax reporting changes for the gig economy
Changes, changes, and more changes. With the multitude of changes in the tax laws, it is not always easy to determine which ones may affect you and your business. The American Rescue Plan Act, which will go in effect this year, has a change in how to report payments made to merchants. What are the […]