AROUND THE TAX WORLD

World NEWS – President Joe Biden proposes increased taxes on the wealthy to fund Medicare…

U.S. NEWS – The Biden administration released new rules limiting which electric vehicles are eligible for tax credits

STATE NEWS -Massachusetts advances a $1.1 billion tax package…

TAX PLANNING – Early filers may need to file an amended tax return if they reported certain 2022 state refunds as taxable income.

World NEWS – The IRS has extended this year’s tax deadline for state disaster areas…

U.S. NEWS – The IRS releases its list of 2023 “Dirty Dozen” tax scams

STATE NEWS – Chicago’s recently-elected mayor proposed $800 million in new taxes…

TAX PLANNING – Social Security benefits may be taxed due to the 2022 cost-of-living adjustment.

World NEWS – Tesla’s lowest-price vehicle may soon lose eligibility for the EV tax credit…

U.S. NEWS – The U.S. Treasury is set to publish updated guidance for the EV tax credit before the end of March

STATE NEWS – Texas advances a new $16.5 billion proposal that includes property tax cuts…

TAX PLANNING – Student loan borrowers may see fewer deductions in the 2023 tax season.

World NEWS – Tax experts step up to refute social media claims that income taxes are not legally required…

U.S. NEWS – The federal government is opting not to tax one-time state-level payments to residents

STATE NEWS -The Michigan Senate eliminates a plan to remit $180 checks to residents…

TAX PLANNING – Taxpayers looking to boost this year’s tax refund could benefit from claiming a dependent—if they are eligible.

World NEWS – Oakland-area small business owners rally in support of the suspended police chief…

U.S. NEWS – Amazon’s average cut of small business sales surpasses 50%

STATE NEWS – Iowa small business owners join the Small Business Voices to petition Congress…

TAX PLANNING – Intuit purchases $1 million in goods from local small businesses to be donated to nonprofits