With home sale prices on the rise again, you may be considering selling your home soon to cash in on a profit. Although most homeowners find that their home-sale profit is tax-free, there are tips you should know to make sure you are getting the most out of your home sale: Profit may be tax-free....Read More

Keeping pace with the ever-changing tax regulatory landscape can be difficult and time consuming. Noncompliance can result in hefty fees, penalties, and audits.  According to new data released in October 2022 by the IRS, tax gap estimates are on the rise. The IRS defines the gross tax gap as “the difference between estimated “true” tax...Read More

As part of the Inflation Reduction Act (“IRA”) passed in August of 2022, $391 billion of governmental funding was allocated to energy and climate initiatives. The ability to transfer (i.e. sell) clean energy credits was part of the new legislation and covered under IRC Section 6418. The intent of IRC Section 6418, was to increase...Read More

In an analysis published Tuesday, the Joint Committee on Taxation (JCT) gave an overview of the effects of adopting the OECD’s Pillar Two. The analysis reviews current law for multinational enterprises (MNEs), explains components of the Pillar Two deal, and delivers JCT’s perspective on what effects the deal might have on federal revenues. Broadly, the...Read More

House GOP proposes a 9 percent cut to the IRS budget. The House Appropriations Financial Services and General Government Subcommittee marked up the bill yesterday, which allocates $11.2 billion to the agency for fiscal year 2024, down from $12.3 billion last year. TaxNotes reports (paywall) the funding would be the lowest appropriation to the IRS...Read More

We’ll do your taxesand find every dollaryou deserve When your Full Service expert does your taxes,they’ll only sign and file when they know it’s 100% correctand you’re getting the best outcome possible, guaranteed. Summer has started! Thoughts of vivid sunsets, theme parks, beach days, and weekend getaways come to mind. All of these activities can...Read More

If there is one challenge that resonates amongst large tax and accounting firms, it’s data visibility. Because most firms are using disconnected systems, getting a bird’s eye view across all data sets can seem next to impossible. However, by incorporating APIs, forward-looking firms are making data visibility a reality — and using it as a...Read More

Note: The following is the testimony of Dr. William McBride, Vice President of Federal Tax Policy & Stephen J. Entin Fellow in Economics at the Tax Foundation, prepared for a House Budget Committee hearing on June 22, 2023, titled, “Reigniting American Growth and Prosperity Series: Incentivizing Economic Excellence Through Tax Policy.” TCJA, Biden’s Tax Policies,...Read More

JCT: Global minimum tax would reduce federal tax revenues over ten years. TaxNotes reports (paywall) on the new analysis from the Joint Committee on Taxation (JCT), which estimates that the Organization for Economic and Cooperative Development’s (OECD’s) pillar 2 global minimum tax would result in less federal corporate tax receipts. It examined five scenarios, and...Read More

In the summer, many of us take on home improvement projects, ranging from minor repairs to major remodeling. Though all home improvements cost money, many don’t improve the value of the home. Here are some ways to remodel your home while you recoup the maximum that you can, including some energy tax credits. Add space....Read More