Taxes
Maryland Supreme Court Revives State’s Digital Ad Tax
State’s highest court reversed a ruling by a circuit court judge that struck down the first-in-the-nation tax on digital advertising.
How Homeowners Qualify For the New Energy Efficient Tax Credits
The Inflation Reduction Act includes credits for taxpayers who make qualifying energy improvements to their home.
Ex-IRS Agent, Five Others Charged in COVID Fraud Plot
The five men and one woman were charged on May 10 with conspiracy to commit bank fraud and face up to 30 years in prison.
New Jersey CPA Pleads Guilty to $2.5 Million Tax Fraud
Benkoil admitted his conduct resulted in a tax loss to the IRS of nearly $2.5 million and has agreed to pay full restitution.
More Flexibility for Section 529 Plans
A 529 plan account owner can roll over up to $35,000 in unused funds to a Roth IRA without paying any tax, beginning in 2024.
New Jersey Allows Cannabis Businesses to Deduct Expenses on State Taxes
Under the new state law, the business subject to the corporation business tax will be allowed to deduct from income all ordinary expenses associated with managing a licensed cannabis business.
California and New York Are Losing More Residents to Low-Tax States, IRS Says
Tennessee, Texas, Florida, and the Carolinas are popular relocation spots because these states don’t tax income.
Mythbusters: Hosting Vs. Cloud Native
A hotly debated topic in the accounting profession right now is the difference between hosted and cloud native software, and which works best for your firm.