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The IRS has provided details clarifying the federal tax status involving special payments made by 21 states in 2022. Taxpayers in many states will not need to report these payments on their 2022 tax returns.


The IRS intends to change how it defines vans, sports utility vehicles (SUVs), pickup trucks and “other vehicles” for purposes of the Code Sec. 30D new clean vehicle credit. These changes are reflected in updated IRS Frequently Asked Questions (FAQs) for the new, previously owned and commercial clean vehicle credits.


The IRS established the program to allocate environmental justice solar and wind capacity limitation (Capacity Limitation) to qualified solar and wind facilities eligible for the Low-Income Communities Bonus Credit Program component of the energy investment credit.


The IRS announced a program to allocate $10 billion of credits for qualified investments in eligible qualifying advanced energy projects (the Code Sec. 48C(e) program). At least $4 billion of these credits may be allocated only to projects located in certain energy communities.


The IRS has released new rules and conditions for implementing the real estate developer alternative cost method. This is an optional safe harbor method of accounting for real estate developers to determine when common improvement costs may be included in the basis of individual units of real property in a real property development project held for sale to determine the gain or loss from sales of those units.


The IRS announced that taxpayers electronically filing their Form 1040-X, Amended U.S Individual Income Tax Return, will for the first time be able to select direct deposit for any resulting refund. 


The OECD/G20 Inclusive Framework released a package of technical and administrative guidance that achieves clarity on the global minimum tax on multinational corporations known as Pillar Two. Further, it provides critical protections for important tax incentives, including green tax credit incentives established in the Inflation Reduction Act. 


News & Updates

Partner Ryan Sheppard, CPA video on year end moves in a down market - December 2022.  Year end moves

Partner Ryan Sheppard, CPA video on Restricted Stock Units - June 2022 - RSUs

Partner Ryan Sheppard, CPA was published in the CPA Journal on Divorce and Tax Considerations - December 2021 - Divorce and Tax Considerations

Partner Ryan Sheppard, CPA was published in Bloomberg Tax Management - December 2021 - IRS Allows SALT Workaround...For Some

Partner Ryan Sheppard, CPA video on Biden administration tax policies - June 2021 - Biden tax policies

Partner Ryan Sheppard, CPA video on Stimulus checks - February 2021 - Stimulus checks

Partner Ryan Sheppard, CPA video on PPP forgiveness - December 2020 - PPP Forgiveness

Partner Ryan Sheppard, CPA video on sole proprietors tax strategy - November 2020 - Tax strategy small business

Partner Ryan Sheppard, CPA video on Trump vs. Biden tax policies - October 2020 - Trump vs. Biden Tax Policy

Partner Ryan Sheppard, CPA video on EIDL advantages for Covid relief - October 2020 - EIDL Program

Partner Ryan Sheppard, CPA video on PPP program and tax deductions for PPP expenses - October 2020 - PPP Forgiveness and Tax Deductions

Partner Ryan Sheppard, CPA Writes article for Bloomberg Law - June 2020 - Advising Clients in a Post Covid World

Partner Ryan Sheppard, CPA webinar on PPP Program and more - April 2020 - Navigating PPP and Unemployment 

2018 Tax Law Changes Updates:

Other News:

On June 1, 2016 Ryan Sheppard was appointed Chairman of the Professional Ethics Committee for the State of Connecticut Society of CPAs - CT Society of CPAs Ethics Committee