In December 2022, the IRS released answers regarding the improved Energy Efficiency Home Improvement and Residential Clean Energy Property Credits imposed with passage of the Inflation Reduction Act (IRA). These new credits went into effect starting January 1, 2023.
Translations from Your Trusted Advisor.
Over the past few years, cryptocurrency has been a complex tax issue that the IRS has been trying to deal with. Recently, the IRS has provided more clarity on what is considered cryptocurrency and what needs to be reported on an individual’s 1040 individual income tax form.
On December 28, 2022, the New Hampshire Department of Revenue Administration (DRA) released the new Business Profits Tax (BPT) and Business Enterprise Tax (BET) filing threshold in TIR 2022-006. The following are the new requirements for the taxable periods beginning January 1, 2023:
In the most recent issue of NH Business Review Mason + Rich answers some questions affecting business tax owners this year.
Q: What are some of the new tax regulations that NH businesses will encounter this year?
Mallory Vincent, CPA, MBA •
FASB ASC 842, Leases, has changed the way private companies account for leases by replacing the US GAAP standard under ASC 840. In Part I of this blog, we focused on planning for this new standard by doing the following: 1) locating all your lease contracts and documents and get them signed, if required; 2) creating an implementation team to perform a completeness review to ensure all leases have been identified, and 3) reviewing internal controls and set up a process for accumulating lease information. Now that ASC 842 is here, it is time to put that planning to use. How, you may ask? Well, let’s start by answering some commonly asked questions.
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