Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 2:23 AMOVERVIEWThe Internal Revenue Service offers every taxpayer the option to itemize their deductions or to claim the Standard Deduction. The Standard Deduction amount varies depending on...
For one, the immense number of changes to our tax code since theTax Cuts & Jobs Act (TCJA)took effect in 2018 has made tax planning substantially more complex than it used to be. The amount of time it takes to do a “back of the envelope” or “paper napkin” calculation has triple...
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The IRS issuedNotice 2024-41modifying the existing domestic content guidance inNotice 2023-38on May 16, 2024. It provides a new elective safe harbor that simplifies the calculation needed to determine if solar, onshore wind, and battery projects meet domestic content requirements to qualify for a...
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The article reports that Internal Revenue Service (IRS) issues the Revenue Ruling 2006-38 which addresses the calculation of excise taxes applied to employer's delay payment of employee contributions in the U.S. IRS clarifies that the price involved comes from the interest on the employee ...
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Notice 2023-38 provides taxpayers with preliminary guidance for the domestic content rules, including the calculation for determining whether manufactured products are deemed produced in the United States. Notice 2023-38 also provides a non-exhaustive list of safe harbor classifications for certain solar...