Archive for December 2023

In January 2021, the Corporate Transparency Act was signed into law to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity. As a result, businesses are now required to become more transparent about their ownership structures. Starting January 1, 2024, most business entities created in or registered to do…

Electric vehicle credits for new vehicles. 2023 brought some changes to the rules for claiming federal tax credits for purchasing electric vehicles (EV). Some of those changes include: • Qualifying vehicles must be assembled in North America. • Increasing percentages of battery minerals and components must be sourced from the U.S. or from one of…