News Article

The Inflation Reduction Act of 2022 included complex changes to the credit for electric vehicle. Listed below are some aspects for those who have or will purchase an electric vehicle: Final assembly in North America – a list of which vehicle qualifies can be found through the VIN decoder at Effective 1/1/23 the manufacturer […]

To modernize and clarify foreign tax credits, the IRS issued lengthy and imitating final regulations that changes the type of taxes applicable for the foreign tax credit. Some key areas of note are highlighted below: To qualify as a foreign income tax, there are now four components: Realization Gross receipts Net income Attribution based on […]

The Internal Revenue Service recently updated its FBAR Reference Guide wherein some clarifications were provided: A US person is not just an individual. It includes corporations, partnerships, limited liability companies and estates. A financial account includes checking and savings accounts, securities accounts, commodity futures or option accounts, mutual or pooled funds, and more. Cryptocurrency reporting […]

April 1, 2022 is the last day for taxpayers who turned 72 in 2021 to begin taking required minimum distributions (RMD) from a retirement account or plan. RMD rules apply to traditional SEP and SIMPLE IRAs, 401(k), 403(b) and 457(b) but not Roth IRA and only after you stopped working.

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