Gray & Harasym
Dear Clients:nnHappy New Year!nnLast week the IRS introduced some much needed guidance regarding the new Clean Vehicle tax credit. The legislation added several new requirements in order to fully qualify in 2023, including final assembly location, critical materials and battery component requirements, and MSRP limits. Although all the nuances still need to be defined by the IRS, they are requiring dealers to provide you with a report verifying the vehicle’s eligibility for the credit prior to purchase. So, as the new regulations are stated, you should know beforehand whether or not you may be eligible for the credit. Stay tuned as the IRS continues to issue more guidance.nnAlso last week, the President signed the Secure Act 2.0 into law. This bill contained several provisions which directly impact retirement accounts, including increasing many contribution limits and increasing the age to start taking Required Minimum Distributions from 72 to 73. Some of the larger changes concern Roth accounts, with SIMPLE and SEP Roth accounts now allowed. Look for more IRS guidance on these changes in the coming months.nnWith tax season right around the corner, you should start to see 1099s arriving in your mailbox. As a reminder, if you have a business you may need to issue 1099s. Any non-employee who you paid $600 or more for services should get a 1099, so let us know if you need any assistance. Our organizers and engagement letters will be going out in the next few weeks, also, so please let us know if you don’t get them by the end of the month.nnAs always, if you have any questions, please do not hesitate to contact us. We are here to help.nnCeleste & Mark...
