Senator Bob Casey and seven other lawmakers have requested the Biden Administration to expand the scope of IRA Clean Energy Tax Credits. Expansion of IRA Clean Energy Tax Credits The Senators sent a letter to Treasury Secretary Janet Yellen, wherein they highlighted the need for the Expansion of IRA Clean Energy Tax Credits to support…
Based on fresh data issued by the Treasury Department and the IRS on Tuesday, the IRS is expected to collect hundreds of billions of dollars higher in default and unpaid taxes than previously estimated. A $561 billion increase in tax collections is anticipated between 2024 and 2034 as a result of increased enforcement made possible…
According to IRS changes, buyers of certain electric vehicle (EV) models can now claim the $3,750 or $7,500 tax credit at the time of sale. Buyers previously had to wait until tax filing to receive the credit, which reduced their tax payment by up to $7,500. Under the new method, the discount is added to…
President Biden signed the Inflation Reduction Act last year that authorized tax credits for new and used electric vehicles. Many used electric vehicles could get a maximum credit of $4,000. Starting in 2023, used Electric vehicles that are at least two years old have a distinct tax credit of up to $4,000 The Clean…
Several eligible recipients will get relief under the Inflation Reduction Act. Eligible Recipients Will Get Tax Breaks and Several Reliefs Following the Passing of the Inflation Reduction Act After passing the Inflation Reduction Act, several eligible recipients expect tax breaks and various reliefs to help them meet their needs, especially to pay their bills and…