Individuals who make energy improvements to their existing residence including solar, wind, geothermal, fuel cells or battery storage may be eligible for expanded home energy tax credits as stipulated by the Inflation Reduction Act of 2022. The Residential Clean Energy Credit equals 30-percent of the costs of new, qualified clean energy property for a home in the United States installed anytime from 2022 through 2033.  Individuals can claim their Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit for the year the qualifying expenditures are made by filing For ..read more

It’s never too early to start this year’s tax planning.  Entrepreneurs should begin planning to take advantage of tax-saving opportunities and get ready for reporting changes in 2023. With next year’s filing deadline nearly a year away, taxpayers still have time to identify possible tax benefits, take action to qualify for them and claim them when they file in 2024. They also have time to plan for reporting changes and even claim overlooked tax benefits from the recent past. Tax Planning May Include Employee Retention Credits (ERC) and Energy Cost Savings Taxpayers should review the provi ..read more

Tax Alert- A January 10, 2023 notice granting relief to victims of severe winter storms, flooding and mudslides that began on January 8, 2023, in parts of California was updated by the IRS on February 23, 2023, to clarify language in the fourth paragraph of the notice. The IRS clarified that the October 16, 2023, deadline also applies to the quarterly estimated tax payments, normally due on January 17, April 18, June 15 and September 15, 2023.  The notice was updated on 1/11/23, 2/23,23 and recently on 4/26/23.   Affected taxpayers who are contacted by the IRS on a collection o ..read more

The Internal Revenue Service will use 2018 as the benchmark year for determining audit rates as it plans to increase enforcement for those individuals and businesses making more than $400,000 per year. The agency is "going to be focused completely on … closing the gap," IRS Commissioner Daniel said April 27, 2023, during a hearing of the House Ways and Means Committee. "What that means is the audit rate, the most recent audit rate, we have that’s complete and final is 2018. That is the rate that I want to share with the American people. The audit rate will not go above that rate for years to ..read more

Sacramento – The IRS announced tax relief for Californians affected by the recent winter storms. Taxpayers affected by these storms qualify for an extension to October 16, 2023, to file individual and business tax returns and make certain tax payments. This includes: Individuals whose tax returns and payments are due on April 18, 2023. Quarterly estimated tax payments due January 17, 2023, April 18, 2023, June 15, 2023, and September 15, 2023. Business entities whose tax returns are normally due on March 15 and April 18. Pass-through Elective (PTE) Tax payments due on June 15, 2023 ..read more

Sacramento CA Repost Tax Relief The IRS announced tax relief for Californians affected by the recent winter storms. Taxpayers affected by these storms may qualify for an extension to October 16, 2023, to file an individual extension and business tax to claim tax payments. This includes: • Individuals whose tax returns and payments are due on April 18, 2023. • Quarterly estimated tax payments due January 17, 2023, April 18, 2023, June 15, 2023, and September 15, 2023. • Business entities whose tax returns are normally due on March 15 and April 18. • Pass-through Elective (PTE) Tax payments d ..read more

Rev. Proc. 2021-32, I.R.B. 2021-42, September 28, 2021 The IRS has supplemented the list of countries with which the U.S. has an agreement relating to the exchange of tax information. Chile has been added to the list. The Dominican Republic and Singapore have been added in Section 4 of this revenue procedure to the list of jurisdictions with which the Treasury and IRS have determined that it is appropriate to have an automatic exchange relationship. Under these agreements the U.S. consents to provide, as well as receive, information and appoints the Treasury Secretary or his delegate as the c ..read more

From our home to yours, Merry Christmas and Happy New Year!  ? www.https://wilsontax.com   ..read more

2021ARD 129-1 Internal Revenue Service: Frequently asked questions: Coronavirus Economic Relief for Transportation Services (CERTS) Coronavirus Economic Relief for Transportation Services (CERTS) Frequently Asked Questions The Coronavirus Economic Relief for Transportation Services (CERTS) Act, Division N, Title IV, Subtitle B of the Consolidated Appropriations Act of 2021, authorizes the Department of the Treasury to provide grants to eligible motorcoach companies, school bus companies, passenger vessel companies, and pilotage companies (Recipients) that have experienced annual revenue ..read more

..read more