FinCEN extends BOI reports deadline for Certain Companies
Ref. Journal of Accountancy
Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.
1031 Like-Kind Exchange.
Financial and investment advisers should seek to understand the implications of a legislative proposal originally set forth in the American Families Plan that would severely limit benefits historically provided by Sec. 1031 of the Internal Revenue Code. Under the proposal, the deferral of capital gains from the exchange of real property used in a trade or business, or of investment property, would be limited to $500,000 ($1 million for married individuals filing jointly)
EV Tax Credit Rules
People who buy new electric vehicles may be eligible for a tax credit as high as $7,500, and used electric car owners may qualify for up to $4,000 in tax breaks as of 2023.
Income limits (Modified AGI): Married-Filing-Joint $300,000, Head-of-Household $225,000, and Single $150,000. If dealer credit is taken, claw-back provision (pay back dealer credit) will apply.
The car sale price cannot be over $55,000.
Standard Mileage Rates for 2023
Mileage Rates for 2023
Business 65.5 cents for the full year
Medical or moving purposes 22 cents
Charitable purposes 14 cents
These rates apply to EV's, hybrid's, gasoline and diesel-powered vehicles.
Employers will be able to use the fleet-average valuation rule or the cents-per-mile valuations rule.