Understanding the Corporate Transparency Act

Corporate Transparency Act

The Corporate Transparency Act (CTA), signed into law in December 2020 and now in effect as of January 1st, 2024, marks a significant step towards enhancing corporate transparency and efforts to prevent illicit activities such as money laundering and fraud. This groundbreaking legislation aims to create a more accountable business environment by requiring companies to…

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New Legislation Boosts Energy Tax Credits for Homeowners

Energy Tax Credits for Homeowners

The recently enacted Inflation Reduction Act brings forth significant enhancements and extensions to tax credits aimed at promoting energy efficiency in homes. Here’s an overview of the key provisions: 1. Solar Panels and More Homeowners can now enjoy a substantial 30% tax credit for installing solar panels, effective retroactively from 2022. Additionally, credits are available…

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Buy or Lease a Business Vehicle: Which Costs Less?

Buy or Lease a Business Vehicle

If you’re deciding between leasing and buying your next business vehicle, the key question is: Which option costs less? The answer isn’t straightforward, as it involves considering cash available, tax benefits, and the time value of money. The Difference between Lease and Buy: Buy: Ownership after loan repayment, with the ability to sell or trade…

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Tax Law Changes for Electric Vehicle Credits

electric vehicle tax credits

Here are six things to know from this article: The qualified plug-in electric vehicle credit remains in place through December 31, 2022, but if you purchased a qualifying electric vehicle after August 16, 2022, it must have been assembled in North America. The credit maximum remains $7,500. A new clean vehicle tax credit takes effect…

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$80 Billion to the IRS: What It Means for You

$80 billion to the IRS

For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric cars. It was something much more basic: a long-term budget commitment to help the struggling, failing IRS. The Inflation Reduction Act invests an additional $80 billion in the…

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