Taxes
New Guidance for IRS Solar Tax Credit Program for Low Income Communities
This guidance applies to owners of certain solar and wind facilities placed in service in connection with low-income communities that are eligible for the section 48 energy investment credit.
Changes Coming to IRS Compliance Assurance Process Program
The CAP program began in 2005 as a way to resolve tax issues through open, cooperative and transparent interactions between the IRS and taxpayers before the filing of a return.
IRS Announces Interest Rates for Q2 2023
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.
The Top Challenges Faced by Corporate Tax Pros
According to the new survey, three-quarters of tax departments report experiencing difficulties in recruiting and retaining talented tax professionals.
Tax Court Shows Why Real Mileage Logs are Important
The annotations show the locations he supposedly visited in connection with either business. For several reasons, the Tax Court didn’t find this evidence credible.
New Law Encourages Roth 401(k) Accounts
For 2023, a participating employee can contribute up to $22,500 in elective deferrals or up to $30,000 if they are age 50 or over.
How the Tax Code Can Help Investors Keep Their Real Estate Wealth Stable During Retirement
To leverage a 1031 exchange, an investor has to ensure the income from a real estate investment property sale is reinvested (or “exchanged”) in like-kind property.
IRS Says State Issued Stimulus Payments are Not Taxable
The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns.