Werfel Stops New Employee Retention Credit Processing Amid Surge of Questionable Claims
The IRS has announced an immediate moratorium on processing new Employee Retention Credit (ERC) claims through at least the end …
Key 2024 Figures Calculated by Thomson Reuters Checkpoint Based on Inflation Data Now Available
Many tax, expensing, and penalty figures are adjusted annually for cost-of-living increases. These adjustments reflect the average chained Consumer Price …
Bipartisan House Bill Aims to Expand Child Care Tax Credits
Recently proposed legislation that would expand employer and household child care-related tax credits, as well as bolster a federal aid …
Summer Employment May Come With Tax Credits
This summer, certain employers may benefit from federal tax credits for employing qualified summer youth employees. The Work Opportunity Tax Credit (WOTC) …
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 …