In a rare bipartisan move, Congress has passed legislation to boost the US semiconductor manufacturing industry; the legislation includes an advanced investment credit for producing semiconductors and the tooling equipment required in their manufacture. The CHIPs and Sciences Act of... Read More
“The family-owned furniture makers, tool and die shops, clothing boutiques — they shouldn’t be forced into spending big on sales tax consultants and software,” said Sen. Ron Wyden (D-OR), opening up a Senate Finance Committee hearing on the fallout from... Read More
A provision of the 2021 bipartisan Infrastructure Investment and Jobs Act, P.L. 117-58, is being challenged in court by crypto company Coin Center as “unconstitutional financial surveillance.” In addition to requiring broker reporting, the law requires both businesses and individuals... Read More
The IRS has increased the standard mileage rate for deducting business use of an automobile to 62.5 cents for the last six months of 2022, 4 cents more than the January—June 2022 rate of 58.5 cents per mile. The new... Read More
The CEOs of the top four US automakers wrote a letter to Congressional leaders asking to delay the phaseout of the electric vehicle (EV) credit. The letter, sent by GM CEO Mary Barra, Toyota CEO Ted Ogawa, Ford CEO Jim... Read More
Less aggressive regulation and favorable tax changes are two hallmarks of the long-awaited cryptocurrency legislation recently unveiled on Capitol Hill. Senators Cynthia Lummis, R-WY., and Kirsten Gillibrand, D-NY, introduced S. 4356, the Responsible Financial Innovation Act, on June 7, right before... Read More
Companies that were anticipating large deductions for research expenses are headed for a larger-than-expected tax bill in 2022. Changes passed to the tax law in 2017 take effect in tax year 2022, and expenses previously deducted in the current tax... Read More
With the tight job market, businesses are looking for new strategies to find and retain essential workers. The federal work opportunity tax credit (WOTC) can help businesses offset wages to allow employers to offer more competitive salaries and to tap... Read More
Moving your retirement money around is now easier than ever. In a conciliatory move for taxpayers, the IRS has issued new rules that allow you to minimize your tax liability when you move 401(k) funds into a Roth IRA or... Read More
The IRS has announced that it is sending out letters to Qualified Opportunity Funds (QOFs) and their investors requesting more information to certify eligibility. Read More
