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The biofuels industry suffered a blow in the Chemoil case which pitted the alcohol fuel mixture credit against the economic substance doctrine.
The IRS has announced a moratorium on the processing of new ERC claims. Improper claims and concerns from tax professionals are among the reasons for the IRS action.
Beginning January 2024, many small businesses will face a new requirement to file a beneficial ownership information (BOI) report. Learn more about this requirement.
According to the ruling, the fair value of staking rewards should be recognized as taxable income as of the date and time the taxpayer gains dominion and control.
Proposed Treasury regulations offer guidance on transferring IRA green credits with significant limitations on how credits will be treated for certain taxpayers.
The Texas House and Senate approved H.B. 3, a historic legislative package aimed at reducing property taxes & simplifying franchise tax reporting requirements.
The ERC program expired in 2021, but eligible employers, meaning a “recovery startup business,” can claim the ERC for 2020 and 2021 by timely filing Forms 941-X.
Weaver highlights two significant business deductions that have changed for 2023: business meals and standard mileage rates.
A provision in the Inflation Reduction Act of 2022 permits the transfer of renewable energy tax credits to an unrelated party in exchange for cash.
The Inflation Reduction Act of 2022 provides $369 billion in spending and tax credits over 10 years to expediate the transition to decarbonized energy sources.
The Internal Revenue Service has delayed implementation of the new $600 threshold for Form 1099-K reporting by “third-party settlement organizations.”
The Inflation Reduction Act includes a new “Advanced Manufacturing Production Credit” to support manufacturers of solar, wind, and battery components.
With relatively minor changes to the tax law in 2022 via passage of the Inflation Reduction Act, traditional year-end planning strategies still apply.
Weaver provides a discussion of the proposed changes to the RMD rules for distributions from a defined contribution plan after the participant’s death.
The IRS issued proposed regulations that introduce present-value principles to determine the amount deductible by an estate for funeral & other expenses.
The IRS announced it will forgive certain failure to file and international information return penalties for certain 2019 & 2020 tax returns.
The Inflation Reduction Act of 2022, includes a number of the renewable energy tax provisions originally contained in the Build Back Better Act.
Weaver's tax professionals have reviewed the legislation signed by President Biden on Tuesday, August 16, and highlight its key provisions here.
An upcoming reduction in the amount of an estate that can be passed on to heirs without paying taxes has many families wondering if they will have a large tax bill upon the death of a loved one. Currently, this tax-free amount, known as the unified credit or exclusion amount, is $12,060,000, but it is set to decline in 2026 to $5 million (adjusted for inflation). Likewise, tax rates will increase in 2026 to 45% from the current top rate of 40%.
Discover how the American Rescue Plan Act of 2021 changed the filing requirement for Form 1099-K and how it will affect your business.
Learn about the changes to the treatment of research expenditures under IRC Section 174 that recently took effect and how it can affect your business.
Uncover the new reporting requirements for PPP loan forgiveness and what determinations you will have to make.
The IRS has extended through October 2023 the use of digital signatures, or e-signatures, on certain forms that cannot be filed electronically, must be maintained on paper, or otherwise previously required a handwritten signature.
WebinarJoin Weaver’s leading tax advisors for a tax reform update and year-end tax planning insights.
The Internal Revenue Service (IRS) recently extended tax filing and payment deadlines for victims of Hurricane Ida, the California wildfires, and the severe storms and flooding in Tennessee.