IRS Considers Revising Audit Algorithm for Low-Income Tax Credit Selection
In September, the IRS committed to significantly decreasing audits on a low-income tax credit, a promise they are now actively fulfilling. During a recent House Ways and Means Committee hearing, IRS Commissioner Danny Werfel announced a substantial reduction in audits concerning the earned income tax credit for the upcoming tax year. “We are also experimenting […]
New York Generates Over 37% of Total US Sports Betting Tax Revenue
US.- The latest study from the United States Census Bureau indicates that New York is the leading contributor to the US’s sports betting tax revenue, exceeding 37% of the nation’s total. This data comes from the Quarterly Survey of State and Local Tax Revenue (QTAX), which recently incorporated sports betting into its array of state […]
New York Generates More Than One-Third of Total U.S. Sports Betting Tax Revenue
According to a report from a government agency, New York has contributed over 37% of the total tax revenue from betting in the United States. The U.S. Census Bureau, which conducts the Quarterly Survey of State and Local Tax Revenue (QTAX), recently included sports betting among its tracked tax sources. The QTAX data for the […]
U.S. Distributes $135 Million in Early Electric Vehicle Tax Credits Since January, According to Treasury Report
WASHINGTON – The U.S. Treasury announced on Wednesday that it has compensated auto dealers approximately $135 million for upfront consumer electric vehicle (EV) tax credit payments since the beginning of the year, up to February 6. Previously, until 2024, U.S. car buyers could only benefit from the $7,500 new electric vehicle credit or $4,000 used […]
Early IRS Data Shows a Nearly 29% Decrease in Average Tax Refunds This Season
The IRS has already processed over 2.6 million refunds, amounting to roughly $3.65 billion, as of February 2, according to the agency’s recent report. The average refund currently stands at $1,395, a significant decrease from last year’s average of $1,963 at the same time – a drop of about 29%. This decrease, however, is based […]
Facing an Accountant Shortage in the U.S.? Here Are Steps to Take During Tax Season Without One
The scarcity of accountants and certified public accountants (CPAs) is becoming increasingly noticeable, especially as tax season looms. This is partly attributed to a decline in accounting graduates, with a 7.8% decrease in bachelor’s degree completions in accounting from 2021-2022, as reported by the American Institute of Certified Public Accountants. This ongoing trend, seeing a […]
Qualities to Look for In a Cloud-Based Accounting Software
Qualities to Look for In a Cloud-Based Accounting Software As a small business owner, we understand the importance of having a reliable partner to handle our financial matters. That’s where cloud-based accounting software comes into play. These powerful tools, stored on remote servers, can streamline our financial tasks and provide us with the flexibility to […]
How to Choose the Right Accounting Software for Your Small Business: Factors to Consider
Choosing Accounting Software as a Small Business As a small business owner, you understand the importance of efficient financial management. One key aspect of managing your finances effectively is choosing the right accounting software. With so many options available in the market, it can be overwhelming to determine which software is best suited for your […]
Accounting Software Firm Pennylane Raises €40m in Series C
Accounting Software Firm Pennylane Raises €40m in Series C Are you looking for the latest news in the world of accounting software? Well, look no further! We have some exciting news to share with you. Pennylane, a promising accounting software startup based in France, has recently raised a whopping €40 million in its Series C […]
Understanding the Earned Income Tax Credit (EITC): Eligibility and Potential Claim Amounts
The Earned Income Tax Credit (EITC) in the United States is a significant benefit for low- to moderate-income workers. If your income is below $63,398 in 2023, you might be eligible for this credit on your federal tax return for 2023 (filed in 2024), depending on your filing status and the number of qualifying children […]