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Home inspectors face unique tax challenges due to the nature of their business. This post explores eligible deductions, including vehicle use, inspection tools, marketing, office supplies, and home office expenses. Understanding these tax-saving opportunities can significantly reduce your tax liability and improve your financial performance. Blog: https://bit.ly/4eopMYx #homeinspector #taxplanning #deductions

Prompted by concern over the IRS’s effectiveness in addressing large multinational corporations’ use of potentially abusive foreign tax structures, the Treasury Inspector General for Tax Administration (TIGTA) conducted an audit. While corporate tax planning involves legitimate tax-reducing strategies, some tactics entail the establishment of entities in foreign no-tax or low-tax jurisdictions as a sole means to hide income-producing assets from U.S. taxation. The TIGTA audit recommended the IRS’s Independent Office of Appeals update its policies to require inviting compliance personnel to taxpayer conferences involving large multinational corporations. The IRS rejected the recommendation. #IRSTax #TaxCompliance #MultinationalCorporations #TIGTA #TaxReform

The Low-Income Communities Bonus Tax Credit Program was established under the Inflation Reduction Act to drive clean-energy investments in low-income areas and on Indian lands. It’s seeing “robust demand,” according to the U.S. Dept. of the Treasury. The Sec. 48(e) bonus credit increases the Sec. 48 energy investment tax credit of 30% by 10% or 20%, depending on circumstances. In its first year, the program received over 54,000 applications from 48 states; over 49,000 of those were approved. The approved applications total nearly 1.5 gigawatts of expected energy capacity and approximately $3.5 billion in public and private investment in low-income communities and on Indian lands. #cleanenergy #taxcredit #lowincome #renewableenergy #IRS

Connect with a community of like-minded tax professionals who are using TaxProWorld to streamline their practices. Share experiences, learn from others, and stay ahead of the curve in the ever-evolving tax industry. #taxcommunity #TaxProWorld #taxpractice

Protection is key when guarding your personal and financial information from fraudsters. That’s why the IRS offers a vital tool, the Identity Protection Personal ID Number (IP PIN). The IP PIN is a six-digit number you can apply for voluntarily. It’s known only to you and the IRS. It’s valid for one year and you’ll automatically be given a new one after expiration. To apply for an IP PIN, you must have a Social Security Number or Individual Taxpayer ID Number, and you must verify your identity to the IRS. Suppose you file your tax return with an incorrect IP PIN. The return will be rejected, or the IRS will reach out to try to validate the information. For more: https://bit.ly/3ATSWA1 #IRSTaxSecurity #IPPIN #TaxFraud #TaxTips #IdentityTheft

The IRS announced that its efforts to collect past-due taxes from certain “high-income, high-wealth” individuals has been fruitful. U.S. Treasury Secretary Janet Yellen stated that, with funds from the Inflation Reduction Act, the IRS has now collected nearly $1.3 billion in past-due taxes. The initial program began in the fall of 2023, collecting more than $1.1 billion from individuals that met certain income criteria. In Feb. 2024, a new effort was launched to pursue 125,000 taxpayers who hadn’t filed taxes since 2017, but for whom the IRS had indications from third party sources of significant income. This new effort has recovered $172 million, raising the total to nearly $1.3 billion. #IRSTax #TaxEnforcement #TaxEvaders #InflationReductionAct #TaxCollection

Fitness retreats and wellness resorts face unique tax challenges due to their seasonal income fluctuations and diverse revenue streams. This post explores the complexities of managing taxable income from retreat fees, on-site services, and merchandise sales. Understanding these tax considerations is crucial for optimizing financial performance and ensuring compliance. Blog: https://bit.ly/4ehMdhI #wellnessretreat #taxplanning #smallbusiness

In an effort to encourage clean energy investment in certain areas, the Inflation Reduction Act created a clean electricity low-income communities bonus tax credit. The IRS has now issued proposed regulations for claiming it. This credit will be calculated by multiplying the amount of qualified investment made in a facility by an applicable percentage. To qualify, facilities are required to 1) have a maximum net output of less than five megawatts, 2) not be fuel combustion or gasification facilities, and 3) be in or part of certain low-income communities or on Indian land. The regs would apply after Dec. 31, 2024. For more information, see https://bit.ly/3Xumux0 or contact us. #cleanenergy #taxcredit #lowincome #renewableenergy #IRS

In 2022, the U.S. Treasury Secretary directed the IRS not to use additional resources to audit taxpayers earning less than $400,000 a year. According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS has yet to develop a solid methodology to prevent it from increasing audits on these taxpayers. Although the IRS has stated it would use 2018 as a benchmark, it hasn’t finalized its methodology for calculating audit coverage. TIGTA has called particular attention to the IRS’s failure to explain its intention to “waive” audits from the calculation when the agency determines a taxpayer intentionally excluded income. To read the TIGTA report: https://bit.ly/3X8gQ28 #IRSTaxAudit #TaxFairness #TIGTA #TaxPolicy #Taxpayers

Having access to all your financial information in one place empowers you to make informed decisions. TaxProWorld provides a centralized platform that gives you instant access to your complete tax history. This eliminates the need for endless searches and streamlines your tax planning process. #TaxProWorld #taxtips #financialplanning