If the proposed Inflation Reduction Act is passed, domestic manufacturers could bear the brunt, warns one lawmaker. U.S. Senator Mike Crapo (R-ID), a member of the Senate Finance Committee, cited analysis by the Joint Committee on Taxation (JCT). While the JCT projects that only about 150 taxpayers annually will be subject to the 15% book […]

The Affordable Care Act’s (ACA’s) affordability percentage for employers to avoid a shared responsibility payment (penalty) is decreasing in 2023. The ACA’s employer-shared responsibility provision requires applicable large employers to offer minimum essential coverage that’s “affordable” and that provides “minimum value” to full-time employees or potentially make an employer-shared responsibility payment to the IRS. Health […]

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A proposal to appropriate $80 billion over 10 years to the IRS is back on the table as part of the Inflation Reduction Act. (It was originally included in the Build Back Better bill.) The funds would be available to the IRS through Sept. 30, 2031, across four areas of the agency. First, nearly $3.2 […]

Can you spot a fake IRS employee? Many people tremble at the thought of hearing from the IRS. That fear can make them vulnerable to scams that seek to steal their assets or identities. To combat IRS impersonator scams, the IRS has created a fact sheet explaining how it contacts taxpayers. The first contact is […]

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 […]