The Inflation Reduction Act change the credits available for taxpayers who purchase electric vehicles. Taxpayers may claim a credit up to $7,500 for a new clean vehicle and a credit up to $2,500 for a previously owned clean vehicle. 

As part of the 2022 Inflation Reduction Act, long-term funding was provided to the IRS for the agency to transform its operations and improve taxpayer service, enforcement and technology. It also directed the IRS to study the possibility of a free, direct e-file program, which the IRS submitted in a report to Congress in May 2023.

Eco activists such as Microsoft co-founder Bill Gates have thrown their weight, and checkbooks, behind the practice of cutting down trees and burying them to address fears over carbon emissions.  Gates is well known for his attempts of addressing his climate concerns—from buying up vast swaths of U.S. farmland to backing wild-card experiments such as solar geo-engineering and his latest rant is criticizing tree planting as a viable means of reducing CO2.

Oct 9 - Last week we witnessed a dramatic, historical first: A Speaker of the US House of Representatives was removed from that position by a vote from Members of that body. US Rep. Matt Gaetz was able to gather enough Republicans dissatisfied with the leadership of then-Speaker Kevin McCarthy to send him packing.

The Internal Revenue Service today announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions.

Those that can afford to buy high priced art pieces can properly claim donations of art on their taxes. But some unscrupulous promoters may use direct solicitation to promise values of art that are too good to be true. These promoters persuade taxpayers, usually high-income taxpayers, to purchase the art, wait to donate the art and then take an incorrect deduction for the art donated. Be aware though, the IRS has active promoter investigations and taxpayer audits underway in this area.

If you travel for your job, you probably have to deal with per diem rates or the amounts that you can deduct for your travel expenses.  Here are the latest rates for the next federal fiscal year:

The Internal Revenue Service today announced the availability of expanded chatbot technology to help quickly answer basic questions for people receiving notices about possibly underreporting their taxes.

The Corporate Transparency Act requires business owners to report beneficial ownership information to the federal government starting in 2024. (Beneficial owners are those who own and/or substantially control a company that has this reporting requirement.)

A 12-year-old Colorado boy became a victim of “woke” education when he was taken out of class and told he could not return unless he removed a Gadsden flag, or “Don’t Tread on Me,” patch from his backpack. The school backed down after a video went viral in which a school official told the boy and his mother that the problem with the patch is that the Gadsden flag’s origin is related to slavery and the slave trade. The school was criticized by individuals from across the political spectrum for seeming ignorance of the role the Gadsden flag played in the American Revolution.

[In his farewell address, Washington warns against the rise of political parties and foreign entanglements.]