Tax Strategies

The Internal Revenue Service and the Treasury Department released guidance that offers an extension of a safe harbor for developers of renewable energy projects located either offshore or on federal land.

The relief bill includes an extension of the 45Q tax credit, which gives companies a tax break for capturing carbon..

Given the size and number of tax changes proposed by the Biden administration, it’s no wonder advisors face challenges in helping clients prepare for the year ahead.

This notice and the expected regulations to follow could add to the movement to repeal or modify the cap.

This collection brings together the best advice from a host of experts for tax pros to share with their clients before the end of the year.

Even with just a few days remaining in 2020, a trustee can still employ tax-saving strategies.

Concerns about rising tax rates under the incoming Biden administration are a major factor.

The provision could amount to $120 billion in write-offs.

A critical PPP deduction, tax extenders, business meal deductions and more are among the critical points.

Taxpayers still have the option to calculate the actual costs of using their vehicle.