Tag: Tax Insight
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IRS Proposed Regulations – Reporting Digital Assets Transactions by Brokers
For people that have been enjoying trading digital assets, there are some unfortunate news in the horizon. The IRS has unveiled draft regulations mandating that brokers report transactions involving digital assets carried out by their clients. (Introduction to Proposed Regulation REG-122793-19; IRS Announcement 2023-153) These proposed regulations address various issues related to digital assets such…
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Ohio – Recent Changes to CAT Exclusion and Annual Minimum Tax
Ohio has released recent guidance following the enactment of Am. Sub. H.B. 33. The major changes from the Information Release is summarized below: • Effective for tax periods beginning on and after January 1, 2024, the CAT annual minimum tax is eliminated.• For calendar year 2024, the exclusion amount is increased from $1 million to…
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More Withholding Headaches – New Jersey Implements “Convenience of the Employer” Rule
New Jersey Division of Taxation has issued further guidance regarding their implementation of a “Convenience of the Employer” rule. New Jersey is not the first state to implement such a rule but it is only applicable to states that specifically has a similar rule in place (e.g., New York, Connecticut, Delaware, etc…). Under New Jersey’s…
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Tax Opportunities: 2023 Home Energy Tax Credits for Individuals
There are great opportunities for any individuals that are planning to make improvements to their home’s energy efficiency this year. With the passing of the Inflation Reduction Act of 2022, the amount of energy credits have been increased as well as the range of eligible expenses. Eligibility There are two credits that you should be…