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 …
Senate Democrats Announce Tax Bill Addressing Deficit, Environment
Inflation Reduction Act of 2022 Summary of the Inflation Reduction Act of 2022 Senate Democrats have announced a deal on …
House Passes Semiconductor Bill; Biden Signature Expected
The House of Representatives on July 28 approved a semiconductor manufacturing and economic competitiveness package that includes an investment tax …
Senate Passes Bill to Boost US Chip Production
Senators on July 27 approved legislation on semiconductor production and economic competitiveness, including an investment tax credit for manufacturing facilities …
Grassley Bill Would Help Offset Inflation’s Impact on Some Tax Benefits
Senate Finance Committee member Charles Grassley, Republican of Iowa, has introduced legislation that would index certain tax benefits to adjust …
Senate Set to Vote on Semiconductor Bill With Tax Credits
The Senate plans to vote as early as this week on an expanded version of a semiconductor manufacturing and economic …