2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have qualified for a tax credit, and although considerably less than the credit...
Apart from the spike in inflation, 2023 ended the year with a relatively strong economy, boasting an unemployment rate of 3.5 percent (below the market forecast of 3.7 percent) with increases in wages, corporate profits, and economic growth over the past two quarters. Despite the...
Married taxpayers generally have the option to file a joint tax return or separate returns, a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, or are considering doing so, you...
What year did you join Blackman & Sloop? 2021 Where did you go to college? Barton College and UNC Chapel Hill Why did you choose Blackman & Sloop? I chose Blackman & Sloop because of its culture. The partners care for their employees and emphasize relationships. Its size allows me...
Fall is here and we are gearing up for the holidays. Here's what has been happening at the firm since our last newsletter. Promotions and New Hires: Heather Fullagar joined us as a Senior Tax Associate on 8/29. Derek Haenke joined us as Manager of Employee Success on...
One highlight of the recently passed Inflation Reduction Act of 2022 (IRA; HR 5376) is modifications to what are commonly referred to as “EV credits.” Specifically, Section 30D of the Act is where the most important modifications are, and where the present tax credit for...
If you pay attention to the financial news, you’ve likely heard that we may — or may not — be in the midst of a recession. While experts argue over whether or not two consecutive periods of falling gross domestic period necessarily confirm an overall...
The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the IRS might...
If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you...
Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how...
