Tax regulations

The Qualified Business Income tax deduction of 20% is set to expire in 2025 (unless it's extended), which may have clients who are starting a business wondering about the potential impact of their choice of entity.

Among others, Enrolled Agents with Social Security numbers ending in 7, 8 or 9 must renew with the IRS by Jan. 31.

The Internal Revenue Service and the Treasury released information on tax incentives for installing electric vehicle charging stations and where they can be located.

The American Institute of CPAs is asking to modify the guidance on catch-up contributions in the wake of the SECURE 2.0 Act of 2022.

It was an eventful 12 months for practitioners, with new legislation, regulations, court decisions and IRS pronouncements all impacting the tax landscape.

Narrower criteria reduced the number of qualifying models from about two dozen. The new rules exclude from the tax credit vehicles that use battery components made by Chinese manufacturers.

The Internal Revenue Service and Treasury plan to propose regulations on a requirement for a product identification number, and they're asking for comments ahead of time on the PIN requirement.

The Treasury Department and the Internal Revenue Service issued guidance for producers of clean electricity and other forms of renewable energy if they begin constructing projects next year that fall short of the necessary requirements for domestically manufactured components.

Under the draft proposal from the Treasury Department, hydrogen projects would need to adhere to strict environmental requirements.

The Internal Revenue Service has updated its frequently asked questions to offer more guidance on what kinds of components can be used in electric vehicles to qualify for tax credits.