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Friday Footnotes: Work-Life Balance, Does It Work?; Big 4 Firms Slash Job Postings; She Doesn’t Even Go Here! | 2.16.24

Going Concern

Apparently the local news has had this amateur CPA on their radar since at least 2020: Krystal clear – customer says shady businesswoman an “expert at frauding people” [ FOX 2 Detroit ] Krystal friended Chrissy on Facebook and said her company “Card Virtual Tax Service” could get her a big refund and take a percentage.

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New York Business Stifled Due to Federal Research Capitalization Rules

Withum

Whether it is manufacturers, clothing designers, software developers, plant breeders, winemakers, or engineers, businesses across New York State are shocked to hear how significantly their federal tax bills are increasing for the 2022 taxable year even when their earnings remain the same.

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Democrats’ Bill Would Allow Auto Dealers to Claim Clean Vehicle Tax Credits Starting in 2024

Withum

The Inflation Reduction Act of 2022 signed into law by President Biden on August 16, 2022 includes significant changes related to electric vehicle tax credits. The proposal also requires the clean vehicle to be purchased from a qualified manufacturer and have a gross vehicle weight of less than 14,000 pounds. Credit Phaseout.

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Digging Into the Personal Clean Vehicle Credit

Withum

The remaining $3,750 of the credit is available for a clean vehicle purchased prior to January 1, 2024, provided 50% of the components contained in the battery are manufactured or assembled in North America. Don’t miss out on the opportunity to claim the Personal Clean Vehicle Credit, contact Withum’s Tax Services Team.

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Democrats’ Bill Would Allow Auto Dealers To Claim Clean Vehicle Tax Credits

Withum

The Inflation Reduction Act of 2022 signed into law by President Biden on August 16, 2022 includes significant changes related to electric vehicle tax credits. The proposal also requires the clean vehicle to be purchased from a qualified manufacturer and have a gross vehicle weight of less than 14,000 pounds. Credit Phaseout.

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House Ways and Means Committee Introduces Potential Tax Extender Bill

Withum

MRSPremains the same, requiring vans, sport utility vehicles, and pickup trucks to have a MSRP of less than $80,000 and all others less than $55,000. No credit is allowed unless all the components contained in the battery were manufactured or assembled in North America. In addition, the Act would modify the clean vehicle credit (§30D).

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