The IRS announced a new deadline for disaster-area taxpayers in California and parts of Alabama and Georgia. According to publication IR-2023-33 from February 24, the deadline is postponed to October 16, 2023. “The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) in these three states. There are four…
The IRS has published new guidance on credits for clean vehicles purchases. Those purchasing new EV or FCV (plug-in electric vehicle and fuel cell vehicle respectively), may qualify for a clean vehicle tax credit. According to the IRS publication, ‘The Inflation Reduction Act of 2022’ amends previous rules to claim this credit for qualified vehicles…
The Treasury Department and the Internal Revenue Service issued a new guidance on January 4, 2021. The recent Revenue Ruling 2021-2 allows deductions of eligible expenses for loans taken under the Paycheck Protection Program (PPP). Information regarding the eligibility of expense deductions is available in the IRS publication IR-2021-04 Recently passed the Consolidated Appropriations Act,…