by Steven J Weil, PhD, EA, LCAM | Oct 3, 2022 | Blog, Business Tax, Personal Tax
Changes in the Electric Vehicle Tax Credit The Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, we should review the new...
by Steven J Weil, PhD, EA, LCAM | Aug 31, 2022 | Blog, Business Tax, Personal Tax
Penalty Relief: IRS Notice 2022-36 The IRS has announced broad-based penalty relief for certain 2019 and 2020 returns due to the COVID-19 pandemic. The penalty relief will be automatic for people and businesses who qualify. Relief applies specifically to the failure...
by Steven J Weil, PhD, EA, LCAM | Aug 16, 2022 | Blog, Business Tax, Personal Tax
Colleges Now Allow Student Athletes to Profit from the Use of Their Name, Image, or Likeness The National Collegiate Athletic Association (NCAA) is now allowing athletes to receive compensation for the use of their name, image, or likeness (NIL). This new source of...
by Steven J Weil, PhD, EA, LCAM | Aug 9, 2022 | Blog, Business Tax, Personal Tax
Congress is funding an additional 87,000 IRS agents. These new agents will need to cut their teeth on simple cases, where for the most part taxpayers are not big enough or rich enough to fight back. This means those receiving tax credits, operating small businesses,...
by Steven J Weil, PhD, EA, LCAM | Jul 11, 2022 | Blog, Business Tax
So, what is a qualifying meal and who can deduct it? Business meals are only deductible by the business. This includes partnerships, corporations, S corporations and sole proprietorships. The deduction for business meals is generally 50% of the actual expenditure...
by Steven J Weil, PhD, EA, LCAM | May 23, 2022 | Blog, Business Tax, Personal Tax
According to an audit report (2022-40-036) published on 5/4/22 by the Treasury Inspector General for Tax Administration (TIGTA), a service-wide strategy is needed to address challenges that limit growth in business tax return electronic filing. The report states,...
