CPA Practice

DECEMBER 21, 2023

16, 2022, and provides numerous tax deductions and tax credits for individuals, families, and businesses. New tax incentives were added, and existing tax incentives were extended and enhanced. Starting in 2024, a new mechanism will kick in for new and used cars, in which buyers can transfer their tax credits to dealers.

tax return 52

tax return Manufacturing Tax CPA 52

CPA Practice

APRIL 6, 2023

According to the report, the $80 billion in IRA funding will primarily be used to: rebuild and strengthen IRS customer service, add capacity for the IRS to better evaluate complicated tax returns of high-net-worth individuals, large corporations, and complex partnerships, and update outdated IRS operating systems and technology.

audit 111

audit Tax tax return Healthcare 111

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

Cherry Bekaert

NOVEMBER 14, 2023

Generally, taxpayers must identify the replacement property within 45 days of selling the relinquished property, and then acquire the replacement property within 180 days of the sale transaction or by the due date of the tax return. or 39-year lives.

Real Estate 109

Real Estate tax planning Construction Tax 109

Dent Moses

MAY 19, 2023

Age Increased for Required Minimum Distributions The age used to determine required minimum distributions increases in two stages – from 72 to 73 for those who turn age 72 after 2022, and to age 75 for those who turn 74 in 2032 or later. The dollar amounts are inflation-indexed after 2025.

tax return 52

tax return Tax Start-ups Construction 52

Withum

NOVEMBER 18, 2022

A new federal tax credit is provided upon purchasing qualified commercial vehicles between 2023 and 2032. The purchase of the electric vehicle offset by the federal income tax credit, coupled with lower maintenance and gas costs, may incentivize not-for-profits to increase their investment in clean commercial vehicles.

Non-Profits 73

Non-Profits income tax Tax Manufacturing 73

Withum

AUGUST 7, 2023

It must not be property used predominantly outside the United States; It must be placed in service in a population census tract which is a low-income community or in a population census tract that is not an urban area; and It must be placed in service on or before December 31, 2032. bidirectional charging).

income tax 52

income tax Construction Non-Profits Transportation 52

Withum

NOVEMBER 17, 2022

Other cost segregation services include: Look-back studies to recapture depreciation deductions from prior tax years without amending your tax return. Therefore, if you are planning any type of real estate transaction… the time is now to pull the trigger! Repair and maintenance studies. Purchase price allocation studies.

tax planning 98

tax planning Tax Construction income tax 98

ThomsonReuters

DECEMBER 19, 2023

How to claim energy efficient tax credits from ENERGY STAR To claim the Energy Efficient Home Improvement Credit for appliances that meet applicable  ENERGY STAR requirements , you must f ile Form 5695, Residential Energy Credits Part II , with your tax return to claim the credit.

Tax 52

Tax accounting and finance tax return Manufacturing 52

ThomsonReuters

APRIL 25, 2023

Increased EV tax credit A factor behind the additional interest in buying an EV may be the increased tax credits available for those who get behind the wheel of an EV in 2023. The Inflation Reduction Act, signed into law in 2022, increased the tax credit for these purchases to $7,500, beginning this year.

Tax 52

Tax Manufacturing tax return Government 52