New Mexico Governor Approves Rebates and Certain Tax Cuts
By Peter G. Pupke, Esq. On April 7, 2023, New Mexico Governor Grisham has approved portions of an omnibus tax …
Newly Issued FASB Accounting Rule Offers Simpler Way to Report Federal and State Tax Credit Investments
An accounting rule that was specifically developed for reporting low-income housing tax credit (LIHTC) investments has been expanded to include …
Bipartisan Bill Would Allow Drug Felons Access to Education Tax Credit
A bipartisan, bicameral group of lawmakers have reintroduced legislation allowing those with felony drug convictions the right to use a …
Wyden Eyes Business Tax Breaks in Exchange for Moving Child Tax Credit
The Senate’s senior democratic tax writer said tax break discussions will be part of the Congressional agenda for the upcoming …
Final Regs Fix Premium Tax Credit’s ‘Family Glitch’
The IRS issued final regulations under Code Sec. 36B that change the rules for determining eligibility for the premium tax credit (PTC). …
Key 2023 Individual Tax Items Calculated By Thomson Reuters Checkpoint Based On Inflation Data
The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. These adjustments …
Missouri Governor Calls for Special Session to Cut Income Taxes and Extend Agriculture Tax Credits
Missouri Governor Michael L. Parson has officially called for a special session to cut income taxes and extend agriculture tax …
Guidance, List of Eligible Cars Issued for Revised Electric-Vehicle Credits
On its website, the IRS has issued guidance on tapping the Inflation Reduction Act of 2022’s tax credits for electric vehicles (“Plug-in …
Look for More IRS Form Revisions Now that the Inflation Reduction Act is Law
The IRS may need to revise certain employment tax reporting forms, and the forms used to claim the qualified small …
Biden Signs Bill to Boost US Chip Production
President Joe Biden on August 9 signed the CHIPS and Science Act of 2022 (H.R. 4346), a semiconductor manufacturing and economic competitiveness …