Income Tax
Biden Taxes Show Income of $580,000 in 2022
The Bidens were responsible for $169,820 in combined federal, Delaware, and Virginia income taxes last year.
Just 10 Electric Vehicles Qualify for Full $7,500 U.S. Tax Credit
GM, Tesla, and Ford all have at least one EV that qualifies, while Ford and Stellantis have one eligible plug-in hybrid model.
FASB Issues New Accounting Rules for Investments in Tax Credit Structures
Reporting entities can now elect to account for qualifying tax equity investments using the proportional amortization method.
Using a Go-Between for 1031 Exchanges
The favorable tax treatment isn’t automatic. To avoid current tax, you and the qualified intermediary must sign a "Qualified Exchange Accommodation Agreement."
$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS
Taxpayers usually have three years to file and claim their tax refunds. If they don't file within three years, the money becomes the property of the U.S. Treasury.
Tax Angles to Intra-Family Loans
if you can’t present clear and convincing evidence that the loan is tied to a business transaction, the transaction may be deemed to be a gift.
When is it Beneficial to Pass Up the Home Sale Exclusion?
Depending on the circumstances, it may be better to bypass the exclusion on a current sale and save it for the time when it will do you more tax good.
15 Ways Accountants Can Make More Money Under the New IRS Strategic Operations Plan
Now that the IRS has just released its Strategic Operations Plan which lays out the allocation of the funds, you may want to pay close attention to this plan.