The American Rescue Plan Act of 2021 expanded tax benefits to reduce the cost of health insurance premiums. But these benefits are scheduled to expire at the end of 2022. Colorado Democratic Senators Bennet and Hickenlooper have proposed that the advanced premium tax credit (APTC) be made permanent. According to the senators, the APTC helped […]

The electric vehicle (EV) tax credit begins to phase out when 200,000 of a manufacturer’s qualifying vehicles have been sold. But automakers are telling Congress, not so fast! In a letter, GM, Ford, Chrysler and Toyota asked Congressional leaders to give all electric car and light truck buyers a tax credit of up to $7,500. […]

Congress is getting serious about addressing the confusion surrounding the tax treatment of digital assets such as cryptocurrencies. A bipartisan bill dubbed the Responsible Financial Innovation Act was recently introduced in the U.S. Senate. The bill would establish a regulatory framework for digital assets. The first-of-its-kind proposed legislation would attempt to validate the mainstream use […]

“It is time to scrap the cap, expand benefits, and fully fund Social Security,” Independent Senator Bernie Sanders stated in a Senate Budget Committee hearing on June 9. With the support of seven Democratic co-sponsors, Sanders introduced the Social Security Expansion Act, which would increase Social Security benefits by $2,400 annually. This increase would be […]

Seriously delinquent tax debt (SDTD) is no minor issue and could result in revocation of a passport. An SDTD is a federal tax liability that has been assessed, exceeds $55,000 in 2022 (inflation adjusted), is unpaid, legally enforceable and is subject to a filed lien notice or levy. One taxpayer had SDTD totaling $90,201, incurred […]

Good news for those who use a vehicle for business purposes and are frustrated by the sky-high cost of gas! Starting July 1, 2022, the IRS is increasing the standard mileage rate for business use to 62.5 cents (from 58.5 cents for Jan. 1 – June 30, 2022) per mile. The rate for medical use […]

Employers that withhold taxes from employees but don’t pay them over to the IRS may face harsh penalties. The Trust Fund Recovery Penalty (TFRP) equals 100% of the unpaid tax. The TFRP can be assessed personally against responsible parties and may include prison time. One taxpayer who operated an ammunition manufacturing and sales business withheld […]

Chief financial officers (CFOs) of some major U.S. companies are seeking help from U.S. Treasury Secretary Janet Yellen. In a letter, they said the final foreign tax credit (FTC) regs issued on Dec. 28, 2021, are a “radical departure from well-established law.” The final regs, they added, put U.S companies at a “competitive disadvantage” with […]