Federal Tax News for Individuals

Tax Breaks for Home Energy Conservation Upgrades The Clean Vehicle Credit for electric vehicles is getting a great deal of attention, but the Inflation Reduction Act (IRA) also includes many new or revised home energy improvement related tax credits. For […]

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New Rules for EV Tax Credits Under a New Law

The Inflation Reduction Act (IRA) updates the credit of up to $7,500 for new clean vehicles and introduces a tax credit of up to $4,000 for the purchase of used electric vehicles (EVs). But several rules and restrictions apply, including limits on the prices of vehicles and the income of buyers. Here's what you should know if you're in the market to purchase a clean vehicle.

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Self-Employed Business Owners: What’s the Right Retirement Plan?

The self-employed have several options to consider when setting up a tax-advantaged retirement plan. Two popular options — solo 401(k)s and defined benefit pension plans — allow you to make significant annual deductible contributions, but they aren't necessarily easy to set up and operate. Here's some critical information to help evaluate these plans.

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Remote auditing: A brave new world

Pandemic-related lockdowns have forced auditors to conduct many procedures off-site. That change may not necessarily be temporary. After realizing the potential benefits, remote audit procedures may be part of the “new normal” going forward.

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Evaluating “going concern” concerns

Is your business struggling? If you have “substantial doubt” about its ability to continue normal operations, you may encounter financial reporting issues. Here’s important information to review.

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Last call for lease accounting

Private companies: Have you implemented the new lease accounting rules? If not, you can’t afford to procrastinate any longer. Here’s what you’ll need to do before year end and how it may impact your financials.

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