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The Tax Professionals Blog

Highlights of Internal Revenue Bulletin 2024-27 – 7/1/2024

Posted by Lee Reams Sr., BSME, EA on

IRS Bulletin 2024-27 covers CAMT tax relief, corporate bond yield rates, revokes Daystar Public Radio's 501(c)(3) status, partially suspends the U.S.-Russia tax treaty, sets marginal well credit rates, and updates clean vehicle credit procedures.

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Credit For Energy Efficient Home Modifications

Posted by Lee Reams Sr., BSME, EA on

Learn about the Energy Efficient Home Modifications credit, valid from 2023 to 2032. This nonrefundable credit applies to various home improvements, including insulation, windows, and energy-efficient appliances.

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Highlights of Internal Revenue Bulletin 2024-26 – 6/24/2024

Posted by Lee Reams Sr., BSME, EA on

Discover key updates from IRS Bulletin 2024-26, including changes in excise and income tax regulations. Highlights cover new taxable substances, disaster relief, clean energy credits, and more. Stay informed with the latest IRS rulings and procedures.

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Breaking News: The IRS Has Just Updated Their Position Related to Denying or Paying ERC Claims

Posted by Lee Reams Sr., BSME, EA on

The IRS announces updates on ERC claims, denying high-risk ones and processing low-risk ones. Learn about the criteria, refund timelines, and voluntary withdrawal program in IR-2024-169.

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The Consequences of Filing Married Separately

Posted by Lee Reams Sr., BSME, EA on

Filing Married Separate can result in unexpected and unfavorable tax consequences. This article highlights common issues married taxpayers face when choosing this status over filing jointly.

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