Uncertain Tax Position? File Form 8275 to Avoid Penalties
Are you considering a bold tax position that may significantly reduce your taxes? If approved by the IRS, it’s a win. But if disapproved, be prepared to face a considerable tax penalty. The IRS imposes a 20 percent penalty for substantial tax underpayment. For instance, if the IRS finds you underpaid your taxes by $50,000, […]
Tax Credits for Electric Vehicles: The Latest from the IRS
The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023 or later: Purchase an EV, and claim the clean vehicle credit. Lease an EV, and benefit from the lessor’s EV discount. Purchase a used […]