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Current Tax News

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The IRS releases guidance on wage and apprenticeship requirements for enhanced tax benefits under clean energy provisions of the Inflation Reduction Act. [...]

The AICPA said the current draft of Schedule UTP, Uncertain Tax Position Statement, places a “significant burden” on both taxpayers and practitioners. [...]

An audit report from TIGTA says taxpayers would benefit if the IRS used digital communications tools appropriately. The IRS challenged much of the audit report, including saying that TIGTA didn’t understand some of the agency’s objectives for its digital communications program. [...]

Proposed foreign tax credit regulations provide guidance on the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement, and the application of the source-based attribution requirement to withholding tax on royalty payments. [...]

The statement says ID.me inflated the amount of work it could provide and the amount of federal dollars lost to pandemic fraud, the latter in an effort to increase demand for its services. In his response, the CEO says he would not use such a crisis to help his company. [...]

Return to R&D Expensing Crucial for Manufacturing and Technology Investment

The tax treatment of research and development (R&D) expenses is one of the biggest issues facing Congress as the year winds down. [...]

Cigarette Taxes and Cigarette Smuggling by State, 2020

People respond to incentives. As tax rates increase or products are banned from sale, consumers and producers search for ways around these penalties and restrictions. [...]

Later this week, the European Union is expected to release a new Tobacco Tax Directive, the first update in more than a decade. Early reports indicate that the EU will propose a significant increase to the existing minimum cigarette tax rates levied across the Union and expand the product categories that are taxed, including a block-wide vaping tax. [...]

While there is disagreement about the amount of interest that should be deductible, it's clear that the limit based on EBIT makes the U.S. an outlier compared to other countries across the OECD while raising the cost of new investment. [...]

History is clear. Lowering budget deficits via spending restraint frees resources for additional private output and jobs. Lowering them by raising taxes on business investment and labor services makes it harder to dis-inflate without a recession. [...]

12 FAQs About Biden’s Student Debt Forgiveness Plan

If you have questions about student loan forgiveness, you’re not alone — especially after recent court rulings blocking loan cancellation efforts. The Federal Student Aid office is not accepting new loan forgiveness applications at this time, but we’ve provided some common FAQs below for those who still have questions. If the program begins accepting applications […] The post 12 FAQs About Biden’s Student Debt Forgiveness Plan appeared first on TaxAct Blog. [...]

Top 6 Tax Changes You Should Know About for 2022

Wondering what’s changed in the tax world from last year? We put together the top six 2022 federal tax changes that taxpayers like you should know about before filing your income tax return in 2023. Tax year 2021 saw major tax changes due to the coronavirus pandemic, but many of those changes went away in […] The post Top 6 Tax Changes You Should Know About for 2022 appeared first on TaxAct Blog. [...]

The post Tax Tips for College Athletes appeared first on TaxAct Blog. [...]

16 Business Finance and Tax Terms You Should Know

Running a business or a side hustle isn’t for the faint of heart. Whether you’re just starting out or you’ve been doing this for a while now, the self-employed tax jargon can be a little overwhelming. Let’s take a quick refresher with a helpful glossary of common business finance and tax terms you might run […] The post 16 Business Finance and Tax Terms You Should Know appeared first on TaxAct Blog. [...]

How to Save for Retirement When You’re Self-Employed

Being your own boss comes with a variety of perks. But it also forces you to handle work typically taken care of by a human resource or finance department. For example, you must find your own healthcare plan and deduct taxes from your paycheck. And, when it comes to saving for retirement, it’s your responsibility to start a savings fund. Here are […] The post How to Save for Retirement When You’re Self-Employed appeared first on TaxAct Blog. [...]