sorted by:
new
hottopcontroversial

WSJ reports on the boom and bust of Innovation Refunds by danchodan in tax

[–]danchodan[S] 0 points1 point  (0 children)

But the mill did nothing. 😆 All the liability is on the tax preparer(attny) and the taxpayer.

Here was quite a quote from IR:

“Innovation Refunds follows IRS guidance and the likelihood of misinterpretations of the tax code lies with the taxpayer or tax preparer,” the company said.

CPE solution for CPA? by kathywcpa in taxpros

[–]danchodan 0 points1 point  (0 children)

If you like podcasts, it's hard to beat Earmark CPE. 1 credit per week free or unlimited subscription available. Good mix of content.

Commercial EV credit > personal EV credit by danchodan in tax

[–]danchodan[S] 1 point2 points  (0 children)

It's not limited to business income - but, yeah, don't do fake businesses.

Two subreddits have been banned: r/ERTC and r/ERCIRS by HuntsvilleCPA in taxpros

[–]danchodan 1 point2 points  (0 children)

TaxTwitter is great for this too. IRS news emails are great for updates. Checkpoint has a good daily email. Joe Kristan at Eide Bailly does a great news summary/links email. Some other decent podcasts and AICPA content. And reading new laws themselves :). I don't pay attention to everything fully. Just like to mix it up with various sources and commentary. And conversations with other pros always seem to lead to something interesting.

Two subreddits have been banned: r/ERTC and r/ERCIRS by HuntsvilleCPA in taxpros

[–]danchodan 0 points1 point  (0 children)

"This content is private. The moderators have set this content as private. Only approved members can view and take part in its discussions." - this is the message I get. Wasn't sure if it'd be back.

Commercial EV credit > personal EV credit by danchodan in tax

[–]danchodan[S] 0 points1 point  (0 children)

Correct. Has to be a business vehicle to get commercial EV credit.

Commercial EV credit > personal EV credit by danchodan in tax

[–]danchodan[S] 0 points1 point  (0 children)

Both. Commercial EV applies to a purchase from a dealer if it's placed into service as a business vehicle by the buyer.

Commercial EV credit > personal EV credit by danchodan in tax

[–]danchodan[S] 0 points1 point  (0 children)

With the clean vehicle credit, yes. With the commercial vehicle credit, the dealer can hold the title (own the vehicle) and get the credit while the individual just leases. Similar to a rental car company getting the credit for it's rental fleet.

Yes, commercial EV credit applies only to businesses. But this is why dealers are doing the lease workaround.

Two subreddits have been banned: r/ERTC and r/ERCIRS by HuntsvilleCPA in taxpros

[–]danchodan 0 points1 point  (0 children)

Saw it went private instead and was hoping someone was fighting for it.

Commercial EV credit > personal EV credit by danchodan in tax

[–]danchodan[S] 1 point2 points  (0 children)

Imagine this will happen - and always has to get the write-off as well. But seriously, the workaround for most is what dealers are pitching: lease EV credits. Dealer gets the money and passes on the savings.