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IRS Announces Direct Deposit for Amended Returns

IRS Announces Direct Deposit for Amended Returns

by Owings and Company PLLC | Feb 21, 2023 | Tax Tips and News

Filing an amended return used to mean completing a paper form, regardless of how taxpayers submitted the original return to the Internal Revenue Service. During the pandemic, paper-filed returns presented processing challenges that contributed to a historic backlog at...
2022 Special State Payments Not Taxable

2022 Special State Payments Not Taxable

by Owings and Company PLLC | Feb 18, 2023 | Tax Tips and News

In 2022, millions of Americans received special state-issued payments designed to provide economic relief to residents struggling with financial burdens exacerbated by issues ranging from the pandemic to natural disasters. One week after urging recipients to postpone...
Clean Vehicle Credit Guidance Revises Classifications

Clean Vehicle Credit Guidance Revises Classifications

by Owings and Company PLLC | Feb 15, 2023 | Tax Tips and News

As part of the Inflation Reduction Act of 2022, lawmakers made changes to the Clean Vehicle Credit that were meant to encourage the purchase of U.S.-made electric and fuel cell vehicles. Unfortunately, the criteria for qualifying vehicles has proven confusing for some...

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