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Income Tax Updates

Don’t be Scammed – Understand your Options if You Owe the IRS

As the 2024 filing season draws to a close, many taxpayers may find themselves with a balance due that they cannot pay. When this happens, the IRS provides payment options. Among those include installment agreements and for those who qualify, an offer in compromise. The IRS is renewing its warning to taxpayers concerning pricey offer […]

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Guidance Issued on Tax Treatment of Rebates

The Treasury Department and the IRS issued Announcement 2024-19 that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Generally, taxpayers who receive rebates for the purchase of energy efficient homes will not include the value of those rebates as income on their tax returns, however […]

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IRS Begins Audits of Corporate Jet Usage

Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the IRS announced plans to begin dozens of audits on business aircraft involving personal use by executives, partners, shareholders, and others for tax purposes. According to the IRS, the level of personal use impacts eligibility for certain […]

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Auto Dealers Must Register with IRS to Receive Advance Clean Vehicle Credit

To submit time-of-sale reports and receive advance payments of the Clean Vehicle Tax Credit, auto dealers and sellers must register their business with IRS Energy Credits Online. Dealers and sellers must use this tool to submit all time-of-sale reports for vehicles placed in service in 2024 and future years. How to register To register or access […]

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Alabama Court Rules BOI Unconstitutional for Some Businesses

A federal district court in Alabama recently ruled that requiring certain businesses to report beneficial ownership, as enacted under the Corporate Transparency Act (CTA), is unconstitutional. The judge granted summary judgment to the plaintiffs in the case of National Small Business United d/b/a the National Small Business Association, et al v. Janet Yellen, Case No. 5:22-cv-1448-LCB.  […]

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What You Should do if You Receive a 1099-K

If you sold goods or services in 2023 and received payments through certain payment apps or online marketplaces or accepted payment cards, you could have received a Form 1099-K, Payment Card and Third Party Network Transactions. You may receive this form even if your transactions are below the $20,000 in payments and over 200 transactions […]

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