Withum

OCTOBER 2, 2023

vehicle sales to be electric by 2032. of light and medium new vehicles sold in 2032 to be electric. With significant tax legislation sunsetting in the next few years, including the top individual income tax bracket rising from 37% to 39.6% of electric vehicles sold in 2022 were of new light-duty sales.

Washington 72

Washington income tax Tax Sales 72

Anders CPA

NOVEMBER 22, 2022

Converting to a Roth IRA from a traditional IRA may result in an immediate tax liability but timing the conversion correctly can save on taxes in the long run. With the stock market’s instability and current income tax rates at a historical low, converting to a Roth IRA may be in your best interest, as long as you get the timing right.

Tax 98

Tax income tax tax planning CPA 98

ThomsonReuters

DECEMBER 19, 2023

Renewable energy tax credits incentivize the adoption of eco-friendly energy sources, benefiting both the environment and the economy. You must claim the credit for the tax year when the property is installed, not merely purchased. Residential Clean Energy Tax Credit If you invest in renewable energy (i.e.,

Tax 110

Tax accounting and finance Manufacturing income tax 110

CPA Practice

DECEMBER 13, 2023

Not only does the IRA provide property owners with energy cost savings but it makes it simpler and less costly to incorporate clean energy and energy storage platforms through tax credits and other financial incentives.

Tax 105

Tax cpas income tax accounting and finance 105

Withum

FEBRUARY 26, 2024

Previously, customers purchasing an EV could only apply for the credit on their individual federal income tax return, forcing them to wait up to a year or longer after purchasing the vehicle to realize the tax credit benefit. It extended the life of the credit through December 31, 2032.

Tax 52

Tax income tax tax return Sales 52

CPA Practice

DECEMBER 21, 2023

Under the new rules, the amount of the credit will be based on two separate requirements: For electric vehicles placed in service after Dec 31, 2022 until Dec 31, 2032 , taxpayers get a $3,750 credit for meeting the critical minerals requirement. The Alternative Fuel Refueling Property tax credit is extended for 10 years through Dec.

tax return 52

tax return Manufacturing Tax CPA 52

Cherry Bekaert

NOVEMBER 14, 2023

Pass-through Entity Tax Elections The pass-through entity (PTE) tax election allows partnerships and s-corporations to elect to be taxed at the entity level for state income tax purposes. The key benefit to a PTE election is the federal deductibility of the entity’s state income taxes paid.

Real Estate 109

Real Estate tax planning Construction Tax 109