Federal Tax Updates Archive

Bonus Depreciation Effects: Details & Analysis

TweetShareSharePin0 Shares Key Findings 100 percent bonus depreciation allows firms an immediate tax deduction for investments in qualifying short-lived assets. The phaseout of 100 percent bonus depreciation, scheduled to take place after the end of 2022, will increase the after-tax cost of investment in the United States. Preventing the phaseout and making 100 percent bonus

Georgia Gov. Formally Called to Testify In Trump Election Fraud Probe

TweetShareSharePin0 Shares Georgia Governor Brian Kemp has been called to testify in the ongoing Trump election fraud probe, potentially impacting his re-election campaign. Incumbent Kemp is currently running against Stacey Abrams, and the duo have recently been engaged in a heated back-and-forth regarding tax cuts and job creation in the Peach State.  Earlier this month, the

Google Develops AI Technology That Leads to Discovery of Property Tax Evaders

TweetShareSharePin0 Shares French authorities have used AI technology to discover over 20,000 undeclared swimming pools throughout the country, revealing millions of Euros in lost tax revenue in the process. Per French law, pools must be declared to local governments because they typically boost property value, meaning homeowners must pay higher taxes.  According to a BBC

Top 5 Veterinarian Tax Deductions

TweetShareSharePin0 Shares The world of veterinary medicine is unique. Every day, vets and vet techs treat some of their clients’ most beloved family members – their pets! Working in this field is not just a job, but a passion.  No matter how much they love the animals they care for, even the most passionate veterinarians

Immigrants Were Less Likely to Have Received Expanded CTC; Those Who Did Used It for Essentials

TweetShareSharePin0 Shares Immigrant parents were less likely to have heard about the 2021 expanded child tax credit (CTC) than parents who were born in the United States, according to a recent survey conducted by the Social Policy Institute at Washington University in St. Louis and Appalachian State University. Survey data collected from December 2021 through January 2022 also showed

Heated Rhetoric Endangers IRS Workforce

TweetShareSharePin0 Shares IRS begins a security review following heated criticism of its new funding. IRS Commissioner Charles Rettig announced last week that the agency will conduct risk assessments in each of its 600 facilities to determine whether increased security is necessary. This is the first such review since the 1995 bombing of the Alfred P.

Enforcement vs. E-Filing Technology Modernization

TweetShareSharePin0 Shares The Internal Revenue Service (IRS) was one of the biggest winners in the recently enacted Inflation Reduction Act (IRA). The new law approved roughly $80 billion in additional IRS funding over the next 10 years. This will boost the IRS budget from around $12 billion per year to roughly $20 billion, a 66

Bernie Sanders Lays Into GOP For Backlash Against Student Loan Forgiveness

TweetShareSharePin0 Shares Vermont Senator Bernie Sanders has laid into the GOP for the party’s backlash against President Biden’s recent student loan forgiveness proposal. An official White House fact sheet shared details about Biden’s plan, which will eradicate $10,000 in student loan debt for those who do not have Pell Grants and make under $250,000 per year for

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