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IRS guidance coming regarding the IRA’s Clean Vehicle Credit

Timothy King

Posted By: Timothy King

Posted April 14, 2023 / No comments

The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the IRS will publish proposed regulations to clarify how a CV can qualify for the credit.

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President Biden’s proposed budget includes notable tax provisions

Cynthia Petschke

Posted By: Cynthia Petschke

Posted March 16, 2023 / No comments

President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and businesses. While most of these proposals stand little chance of enactment with a Republican

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U.S. Supreme Court rules against the IRS on critical FBAR issue

Robert Tighe

Posted By: Robert Tighe

Posted March 9, 2023 / No comments

The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts

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Tax Collection Scams

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted February 20, 2023 / No comments

With each tax season comes more opportunities for criminals to find ways to run scams. Scammers find creative ways to try to get personal information and payments from individuals. We would like to share a quick video on tax collection scams to raise awareness. Watch Video

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Reading the tea leaves: Potential tax legislation in the new Congress

Timothy King

Posted By: Timothy King

Posted February 14, 2023 / No comments

The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it remains to be seen if — and when — any tax-related legislation can muster the requisite bipartisan support, a review of certain provisions in existing laws may provide an indication of the

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2023 tax calendar

Robert Tighe

Posted By: Robert Tighe

Posted January 11, 2023 / No comments

To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for  January 10

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Year-end spending package tackles retirement planning, conservation easements

Keith Orr

Posted By: Keith Orr

Posted December 28, 2022 / No comments

On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering retirement savings The original SECURE Act,

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5 steps to take now to cut your 2022 tax liability

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 8, 2022 / No comments

It has been quite a year — high inflation, rising interest rates and a bear stock market. While there’s not a lot you can do about any of these financial factors, you may have some control over how your federal tax bill for the year turns out. Here are some strategies to consider executing before

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Inflation Reduction Act expands valuable R&D payroll tax credit

Timothy King

Posted By: Timothy King

Posted September 30, 2022 / No comments

When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small businesses. The IRA more than doubles the amount a qualified business can potentially claim as

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Clean Vehicle Credit comes with caveats

Robert Tighe

Posted By: Robert Tighe

Posted September 7, 2022 / No comments

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit. While the expanded credit seems

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