Below are the latest developments from the tax landscape, and this time, it’s a bipartisan effort led by the House Ways and Means Committee and Senate Finance Committee. Let’s dive into the key highlights:Key Provisions: Full Expensing of Domestic Research Costs: Extended until 2026, including the current and upcoming tax…
We continue to monitor Corporate Transparency Act (CTA) developments. This update includes the news that as of January 3, 2024, the Financial Crimes Enforcement Network (FinCEN), the bureau responsible for enforcing CTA provisions, has established its system for online filing of beneficial ownership information. Reporting companies required to file beneficial…
As we begin 2024, it’s crucial to start assembling all the essential information required for accurate filing of W-2 and 1099 information forms. The IRS mandates that any entity — be it a corporation, partnership, individual, estate, or trust — involved in a trade or business and engaged in reportable…
Each September the IRS publishes a list of counties for which exceptional, extreme, or severe drought was reported during the preceding 12 months. If you reside in, or are adjacent to one of these counties, and you sold more livestock than you generally do because of the drought, you may…
We all remember how used car prices plummeted in December 2022. Were you left wishing you had a way to deduct that loss now to help offset record profits? The IRS does allow for the lower of cost or market inventory valuation. This would generally apply to used vehicles. If…
With EVs representing just 8% market share of all domestic counterparts; sales and a significantly higher 5-year cost of ownership as compared to their gas-powered counterparts, it is no wonder why days on the market are double to triple comparable gas-powered models. Beginning in 2024, the IRS has a tool…
Sellers of new and used vehicles that qualify for a clean vehicle tax credit will be required to report information to the IRS on all qualifying vehicles sold. The IRS will use this information to validate tax credits claimed by buyers of vehicles. The first reports are required to be…
The current federal estate and gift tax exemption is $12.92 million per person and $25.84 million per married couple for 2023. This means that you can transfer this amount of wealth to your heirs or beneficiaries without paying any federal estate or gift tax. However, this generous exemption is set…
We continue to monitor Corporate Transparency Act (CTA) developments. Two recent regulatory actions were announced by the Financial Crimes Enforcement Network (FinCEN), the bureau responsible for enforcing CTA provisions. Both regulatory actions are intended to help ease the reporting burden on affected reporting companies. For a general background of the…
As the year-end quickly approaches, strategic tax planning opportunities are ripe for consideration. But you need to move quickly before it’s too late! One such opportunity involves harvesting unrealized tax losses from your digital currency portfolio. Like tax loss harvesting in general, this strategy consists of identifying your loss positions…
