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Individual Tax

Inflation Reduction Act of 2022: Clean Vehicle Energy Credit

 

With the recent passing of the Inflation Reduction Act, you can reap the benefit of a $7,500 tax credit on purchasing a new electric vehicle. The new law also includes guidance on purchasing used electric vehicles, which are eligible for a credit for the lesser of $4,000 or 30% of the sales price. To qualify for this credit, there are adjusted gross income limitations as below.

Single – $150,000

Married filing joint – $300,000

Head of household – $225,000

To be eligible under the Inflation Reduction Act, the qualifying vehicle must be purchased after August 16, 2022. Visit this link to see if your new vehicle is eligible – https://afdc.energy.gov/laws/inflation-reduction-act.  If you were in a binding contract to purchase a qualifying clean vehicle and did not take possession of the vehicle until after […]

By |October 4th, 2022|Categories: BCo Community News, Individual Tax, IRS|Comments Off on Inflation Reduction Act of 2022: Clean Vehicle Energy Credit
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Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes

 

The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now familiar calls for increasing the top corporate tax rate to 28% and the top individual rate to 39.6%.

Among the new proposals, the minimum tax on high-net-worth individuals has garnered considerable press attention.

These proposals, as well as others that have not been closely scrutinized, are described in more detail below.

Corporate Tax Proposals

Raise Corporate Income Tax Rate to 28%

C corporations, unlike an S corporation, the […]

By |August 2nd, 2022|Categories: Announcements, Business Tax, Individual Tax, IRS, Trusts and Estates|Comments Off on Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes
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Dual Residency and Double Taxation Dilemma for Remote Workers

2020 brought into focus residency rules for remote workers, who ended up staying in “temporary” locations, like vacation homes, for longer than expected.   The following article provides an analysis of situations where individuals may become residents of two states simultaneously and potentially subject to dual taxation.

For more information click here.

By |June 22nd, 2021|Categories: Individual Tax|Comments Off on Dual Residency and Double Taxation Dilemma for Remote Workers
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