The Treasury’s updated “Green Book”, released in March 2023, helps explain the tax changes introduced in the Biden Administration’s 2024 budget while outlining new estate planning related changes. The budget contains numerous tax updates, including reinstating the top individual Read More
On May 31, 2023, Intuit will discontinue certain aspects of QuickBooks Desktop 2020 for Windows. Users will no longer be able to access add-on features such as payroll, online support and online banking starting June 1. Though the product will still function, users will also not receive any c Read More
The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 18, 2023, the IRS Read More
Treasury and IRS Announce Intent to Issue Guidance on Taxing NFTs, Provide Interim Guidance
Mar 31, 20236/27/2023 Update: The IRS has released more information about the taxation of virtual assets related to transactions. Please see here for more. The IRS and Treasury Department have released a notice signaling their intent to issue formal guidance on the taxation of some nonfungible tokens (NF Read More
President Biden released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and businesses. While most of these Read More
In a 5-4 vote, the U.S. Supreme Court determined that Report of Foreign Bank and Financial Accounts (FBAR) penalties will no longer be applied per account. With this decision, made on February 28, 2023, taxpayers in non-willful cases will now only be subject to FBAR penalties for the non-will Read More
Many people often interchange the terms estate tax and inheritance tax and confuse the differences between the two. While both are taxes associated with a person’s death and fall under the category of “death taxes”, they are two separate and distinct types of taxes. The umbrella term Read More
2023 Estate and Gift Planning Update
Feb 22, 2023Included among the IRS inflation adjustments for tax year 2023 were changes to estate, gift and generation-skipping transfer (GST) tax exemptions. Under the Tax Cuts and Jobs Act (TCJA), estate, gift and GST exemption amounts are at an all-time high, but assuming there are no changes in the l Read More
At the end of 2022, Congress passed the Consolidated Appropriations Act of 2023 spending bill that included the SECURE 2.0 Act of 2022. The updated SECURE (Setting Up Every Community for Retirement) Act includes many provisions to the initial legislation, enacted in 2020. With changes affec Read More
The IRS has issued the standard mileage rates for 2023. While the business use standard mileage rate is up 3 cents from the 2022 mid-year increase, the standard mileage rates for charitable, medical or moving purposes for qualified members of the Armed Forces remain consistent with last year Read More