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Get tax breaks for energy-saving purchases this year because they may disappear
November 21, 2024
Categories: Clean Vehicle Tax Credit, Electric Vehicle Charging Equipment Credit, Energy Efficient Home Improvement Credit, Energy Efficient Property Credit, Inflation Reduction Act, Residential Clean Energy Credit, tax credit
The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On the campaign trail, President-Elect Donald Trump pledged to “terminate” the law and “rescind all unspent funds.” Rescinding all or part of the law would require action from Congress and is possible when Republicans take control of both chambers in January. The credits weren’t scheduled
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How your business can prepare for and respond to an IRS audit
October 15, 2024
Categories: Audit, Business, Inflation Reduction Act, IRS
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part of the IRS’s broader strategy, funded by the Inflation Reduction Act, to target wealthier entities and high-dollar noncompliance. The
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